The European Union is set to approve a key exemption for Greece under the new 21st package of sanctions against Moscow.
According to an exclusive report by the Financial Times, member states will allow European shipping companies to continue transporting Russian liquefied natural gas (LNG) to third countries outside the bloc.
The decision comes after days of intense diplomatic negotiations and a categorical veto from Athens. The Greek ambassador to the EU warned his colleagues that a complete ban on shipping would “destroy” leading shipping operators, among which the giant Dynagas of tycoon George Prokopio stands out (reuters.com/business/energy/greece-based-dynagas-allowed-carry-russian-lng-under-new-eu-sanctions-ft-says-2026-07-22/). The company owns specialized ice-class Arc7 tankers, designed specifically to service the Russian Arctic project “Yamal LNG“. Under a full embargo, these assets worth hundreds of millions of dollars would remain unused or be forcibly sold off to uncooperative competitors outside the West (maritime-executive.com/article/report-greece-blocks-eu-sanctions-on-yamal-lng-to-protect-shipowners).
Terms of the compromise agreement:
Time Window: The transport permit will be valid for a period of 12 months with an option to renew. Volume limit: The quantities of Russian LNG transported will be strictly limited (“frozen“) to the levels reached in 2025. Accompanying measures: Along with this compromise solution, EU ambassadors extended the ceiling on the price of Russian oil to $44.10 per barrel (globalbankingandfinance.com/eu-envoys-meet-negotiate-21st-russia-sanctions-package/).Officials in Athens stressed that the sanctions should weaken Russia's economy, and not cede entire market niches to competitors from China, Japan and the US, harming European business (bairdmaritime.com/shipping/tankers/gas/greece-seeks-softer-rules-on-russian-lng-ahead-of-planned-eu-ban). The new parameters of the package are expected to be finalized later today during a meeting of EU ambassadors in Brussels.