Greece has blocked the adoption of the European Union’s 21st sanctions package against Russia, delaying its approval by at least a week, over concerns that the measures would harm the business of Greek shipping company Dynagas, owned by billionaire Georgios Prokopiou, according to reports.
The package, which requires unanimous support from all EU member states, was put on hold after Athens raised objections. The Greek government argued that a proposed ban on transporting Russian liquefied natural gas (LNG) would effectively destroy Dynagas’ operations. The company’s fleet of 27 LNG carriers includes ice‑class Arc7 tankers specifically designed for Russia’s Yamal LNG project, and officials said those vessels cannot be easily redirected to other routes or sold without significant financial losses.
Dynagas role in Russian Arctic exports
Since early 2025, Dynagas has transported more than 10 million tonnes of Russian LNG in 144 voyages, according to industry data. The fleet accounts for an estimated 82% of the world’s ice‑class LNG tankers, giving it a strategic role in Russia’s Arctic energy exports. Without these specialised vessels, Russia would face prolonged difficulties in exporting LNG from Arctic projects due to ice conditions and lack of alternative infrastructure.
Broader implications for EU unity
The situation demonstrates how national business interests can fracture collective EU sanctions policy. Should Greece’s blockade succeed, it could set a precedent for other member states with strong shipping or energy lobbies—such as Cyprus, Malta, or Italy—to seek national exemptions, undermining the bloc’s ability to maintain a unified stance on Russia sanctions.
The delay also holds up other provisions in the 21st package, including new restrictions on Russian banks, cryptocurrency networks, and military‑industrial companies, as well as a mechanism to lower the price cap on Russian oil. The EU is in the final stages of phasing out Russian LNG imports by the end of 2026–2027; any weakening of transit restrictions could provide Moscow with continued revenue for its war effort.
Previous reports have flagged Prokopiou’s assets in connection with sanctions circumvention, and the continuation of Dynagas’ operations keeps one of Russia’s largest Arctic energy export channels open. The EU’s inability to adopt the new measures promptly risks further eroding the credibility of its sanctions regime, as member states weigh short‑term economic interests against long‑term strategic goals.
