Greece has officially opposed the European Union's new package of sanctions against Russian liquefied natural gas (LNG) in order to protect the commercial interests of local shipping magnate Georgios Prokopio, the influential Financial Times reported.
According to diplomatic sources and official documents reviewed by the media, the Greek ambassador in Brussels has refused to approve the planned European measures. The reason is that they would directly harm the business of the billionaire and his shipping company Dynagas, which specializes in transporting Russian raw materials.
The connection between Dynagas and Russian gas
George Prokopio's company, Dynagas, plays a key role in global liquefied natural gas logistics, with its fleet operating for years under long-term contracts to transport cargo from major Russian energy projects in the Arctic. According to analyses by the Financial Times published this month, Greek shipping companies have generated billions of dollars in revenue from transporting Russian energy carriers over the past three years.
The new sanctions proposed by the European Commission aim to close loopholes in the energy embargo and limit the possibilities for transshipment of Russian LNG in European ports. Such a move, however, would directly hit the revenues of Dynacom and Dynagas, which provoked Athens' lightning diplomatic intervention.
The shipping industry dictates Athens' policy
This is not the first time that the Greek government has exerted pressure in Brussels in favor of its shipping oligarchs. Earlier, Prokopiou's companies were included in the Ukrainian lists of “international sponsors of the war“, but were later removed after increased diplomatic pressure from Greece.
George Prokopiou himself has repeatedly stated publicly at international maritime forums that economic sanctions “have never worked effectively“ and only complicate legal trade. At the same time, cryogenic tankers under his command continue to operate key routes to Asian and European markets.
Brussels standoff
Greece's behavior has caused serious discontent among EU member states, which are demanding complete economic isolation of Moscow. Diplomats from central and northern Europe told the Financial Times that the protection of private business interests in the face of common European security undermines confidence in the sanctions regime.
Negotiations in Brussels are expected to continue with attempts to find a compromise option or compensation for the affected sectors, but for the time being Athens' veto leaves another package of sanctions against Russian gas at a dead end.