Will Greece derail the EU’s latest Russia sanctions?

World euGreecerussiasanctions Will Greece derail the EU’s latest Russia sanctions? Mitsotakis Sintypou Art Relevant News Will Greece derail the EU’s latest Russia sanctions? 22 July 2026 They want it all before talks even start 22 July 2026 From connection to isolation 22 July 2026 Theodosis Pipis 22 July 2026 FacebookXWhatsAppEmailPrintViber Greece has emerged as the principal obstacle to the European Union’s latest sanctions package, urging Brussels to soften proposed restrictions on Russian liquefied natural gas (LNG) supplies to protect its dominant shipping industry. EU ambassadors will meet on Wednesday in the hopes of reaching ‌a compromise with Greece and passing a 21st package of sanctions against Russia over its invasion of Ukraine. In October last year the 27 member states unanimously agreed to ban the import of Russian LNG as of 2027. The new package targets the country’s banking sector in an effort to squeeze Moscow’s financial system at a vulnerable moment. However, Athens argued last week that a proposed ban on imports of Russian LNG would merely redirect market share to competitors outside Europe without significantly reducing Russia’s revenues. Greece, which dominates Europe’s LNG carrier market, is one of the world’s leading shipping nations in the sector, competing with Japan, China, and the United States. Holding the largest merchant fleet in the world, Greece is also reliant on Russian LNG being transported through its ports, not only for market opportunities, but also for the sustenance of local jobs. What Greece is essentially saying is that the full ban on transports will harm their local economy. However, critics are pointing to the interests of Greek shipping companies. Among them is Dynagas, owned by Greek billionaire George Prokopiou, which operates specialised ice-breaking LNG tankers serving Russia’s Yamal LNG project in Siberia. Dynagas argues that banning the transport of Russian LNG would damage Europe’s maritime sector without significantly weakening Russia’s war effort. In a statement issued last week, the company described the measure as a “self-inflicted blow” to European shipping capacity and said the ban would fail to achieve its geopolitical objectives. The company also warned that such restrictions could force it to default on debt agreements tied to its fleet. Its position closely mirrors that of the Greek government, highlighting the alignment between Athens’ stance in Brussels and the concerns of the country’s powerful shipping industry. Though EU diplomats had hoped that the departure of Hungary’s Viktor Orbán, whose government repeatedly delayed military assistance to Ukraine and sanctions against Russia, would pave the way for smoother negotiations on future sanctions packages. Instead, fresh divisions have emerged within the bloc as the European Commission seeks to close the remaining loopholes that allow Russian businesses to circumvent sanctions and to intensify pressure on the Kremlin’s critical energy revenues. Subscribe to our Newsletter Latest News They want it all before talks even start From connection to isolation Turkey issues NAVTEX for seismic surveys tied to occupied north gas pipeline Erdogan’s accidental gestures of goodwill, that he doesn’t even know about New app lets Cyprus businesses give away surplus food for free New QR-code quality mark launched for Cyprus farm products Trade union demands overhaul of ‘exploitative’ third-country worker employment strategy Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.