FT: Greece Raises Objections to New EU Russia Sanctions over Impact on Greek Shipping Firm
ATHENS – Greece has raised objections to the European Union’s proposed new sanctions package against Russia over concerns that the measures could severely affect a Greek shipping company specializing in the transport of liquefied natural gas (LNG), according to a report published by the Financial Times.
The newspaper reported that Greece’s representative to the European Union told fellow diplomats during a meeting on Wednesday that a proposed ban on transporting Russian LNG to third countries would have a devastating impact on Dynagas, the LNG shipping company controlled by Greek shipowner George Prokopiou.
Citing two officials familiar with the discussions, the Financial Times reported that Greece specifically identified Dynagas as the principal reason it could not support the sanctions package in its current form.
The reported objections have delayed approval of the European Union’s 21st package of sanctions against Russia, which requires the unanimous support of all 27 member states before it can take effect.
The proposed measures are intended to further tighten economic pressure on Moscow following its invasion of Ukraine. In addition to restrictions on Russian LNG, the package reportedly includes revisions to the price cap on Russian crude oil, above which Western companies would be prohibited from purchasing or transporting the commodity.
According to the Financial Times, EU ambassadors agreed this week to extend the current price-cap framework for another week while negotiations continue over the broader sanctions package.
A European official quoted by the newspaper said the extension would also allow member states to further assess the economic and technical consequences of the proposed LNG restrictions.
Other European diplomats, however, reportedly argued that companies across the European Union have already absorbed significant economic costs as part of the bloc’s broader effort to increase pressure on Russia.
Dynagas occupies a unique position within the global LNG shipping industry. According to data cited by the Financial Times, the company operates a fleet of 27 LNG carriers, including approximately one-third of the world’s specialized Arc7 ice-class vessels. These highly specialized ships are designed to operate in Arctic conditions and transport liquefied natural gas from Russia’s Yamal LNG project.
The newspaper, citing shipping analytics firm Kpler, reported that Dynagas has transported more than 10 million metric tons of Russian LNG since the beginning of 2025, completing 144 voyages with 11 vessels.
According to the report, Greek officials argued during the negotiations that the Arc7 vessels cannot easily be redeployed to other commercial trades because of their highly specialized design. As a result, they warned that a transportation ban could force the company to sell the vessels to non-Western buyers.
Each Arc7 carrier reportedly costs approximately $300 million to construct.
The Financial Times also reported that Prokopiou controls Dynacom Tankers, another shipping company that has earned at least $915 million transporting Russian crude oil during the past three years—more than any other Greek shipping company, according to the newspaper’s analysis.
Neither the Greek government nor Dynagas had publicly commented on the report as of press time.
The issue highlights the continuing challenge facing the European Union as it seeks to balance increasingly restrictive sanctions on Russia with the economic interests of member states whose industries remain exposed to Russian energy markets.
Shipping has been one of the sectors most directly affected by successive rounds of Western sanctions since Russia’s full-scale invasion of Ukraine in 2022. Greece, home to one of the world’s largest merchant fleets, has repeatedly emphasized the need for sanctions to remain both effective and practical while avoiding unintended consequences for European shipping.
Whether the current sanctions package is modified or ultimately approved in its existing form will depend on continued negotiations among EU member states in the coming days.