Greece blocked the EU's 21st package of sanctions against Russia due…
Greece blocked the EU's 21st package of sanctions against Russia due to concerns that restrictions on transporting Russian liquefied natural gas (LNG) would severely harm Dynagas, a Greek shipping company owned by billionaire Georgios Prokopiu. The company operates specialized Arc7 ice-class tankers used for Arctic LNG transport near the Yamal LNG plant.
Consensus
- Greece opposed the EU's 21st package of sanctions against Russia.
- The opposition was due to concerns about the impact on Dynagas, a Greek shipping company.
- Dynagas operates specialized Arc7 ice-class tankers used for transporting Russian LNG from the Yamal LNG plant in the Arctic.
- These tankers are not usable outside Arctic conditions and would have to be sold if sanctions were implemented.
- The proposed sanctions included a ban on transporting Russian LNG to third countries.
- The EU failed to reach consensus on the 21st package, leading to its postponement.
- The deadline for agreement was set for 23 July.
Points of divergence
- The Greek ambassador stated that sanctions would 'destroy' Dynagas and cited the company as the reason Athens could not support the sanctions. — vedomosti
- Dynagas has 27 tankers, one-third of which are Arc7-class vessels worth around $300 million each. — kommersant
- The Greek ambassador warned that the sanctions would prevent Dynagas from using its ships in other regions and force it to sell them to non-Western companies. — vm
- If no agreement is reached, diplomats will attempt to negotiate until 22 July before going on vacation until September. — vesti
- The EU agreed to maintain the oil price cap at $44.10 until 23 July while seeking broader sanctions agreement. — interfax
Coverage (6 sources)
- Greece Opposes New Anti-Russian Sanctions to Protect Magnate Prokopiev — Ведомости
- FT: Greece blocked EU's 21st sanctions package due to business threat — Коммерсантъ
- FT: Greece blocks 21st package of sanctions against Russia over business threat — Вечерняя Москва
- Greece shielded its oligarch's business and blocked EU sanctions against Russia — Вести
- Athens blocked the EU's 21st sanctions package against Russia due to business threats — Интерфакс
- FT: Greece blocks 21st package of sanctions against Russia due to business threat — Москва 24
Key entities
- Greece
- Russia
- Dynagas
- EU
- FT
- Financial Times
- European Union
- Athens
- Georgy Prokopiev
- Moscow
- European Commission
- INTERFAX.RU
- European Union (EU)
- Arctic
- European Union