European Union Russia sanctions

The European Union has granted Greece a temporary exemption from restrictions on transporting Russian liquefied natural gas, clearing a major obstacle to the bloc’s latest sanctions package against Moscow. EU Grants Russian LNG Exemption The agreement allows Greece-based shipping company Dynagas to continue carrying Russian LNG to countries outside the European Union for 12 months. The exemption may be renewed if required, while permitted shipment volumes will be limited to 2025 levels. The concession covers contracts linked to Russia’s Yamal LNG project that were signed before Moscow’s full-scale invasion of Ukraine in 2022. Dynagas operates specialised LNG carriers used to transport fuel from the Arctic facility. European Union imports of Russian LNG are still scheduled to be prohibited from January 1, 2027. The exemption concerns transfers to third countries and does not reverse the planned import ban. Greece Defends LNG Shipping Industry Greece had delayed approval of the EU’s 21st sanctions package after warning that the proposed shipping restrictions would disproportionately harm European companies. Athens argued that preventing EU operators from carrying Russian LNG would not significantly reduce Moscow’s revenue. Instead, it said the business would move to shipping companies based in the United States, China, Japan or other non-EU countries. Greece is one of the world’s leading maritime nations, and its shipowners control a substantial share of the international LNG carrier market. New EU Sanctions Target Russia Following the compromise, Greece supported the new sanctions package and accepted a one-year extension of the $44.10-per-barrel price cap on Russian oil. The broader package targets Russian banks, financial institutions, cryptocurrency networks and companies accused of supporting Moscow’s war effort. It includes restrictions on 94 financial institutions and measures to disconnect 32 banks from the SWIFT international payments system. The LNG exemption highlights the EU’s effort to preserve unity while balancing sanctions against the economic interests of individual member states.

EU Grants Greece Russian LNG Exemption

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