Greece is holding back the European Union’s planned 21st package of sanctions against Russia because of concerns over the impact on the country’s shipping sector,
Athens’ objections are linked mainly to a proposed ban on European companies transporting Russian liquefied natural gas (LNG) to countries outside the EU. The measure is considered one of the key elements of the new sanctions package currently under discussion.
Greece is preventing the adoption of the 21st package of sanctions by the European Union against Russia in order to protect the interests of the shipping company Dynagas.
The company is owned by Greek billionaire and shipowner Georgios Prokopiou and operates a fleet of 27 specialized LNG carriers. Some of these vessels are estimated to be worth around USD300 million each. According to Athens, the ships are highly specialized and would be difficult to redeploy for other routes if restrictions on Russian LNG transport are introduced.
Greece fears that the new sanctions could leave expensive gas carriers with limited practical use and create significant losses for shipping companies that currently operate in this sector.
