Greece vetoes EU sanctions on Russia to shield billionaire’s shipping company

Greece has blocked the European Union's 21st sanctions package against Russia, stalling efforts to tighten economic pressure on Moscow over a single shipping company owned by Greek billionaire George Prokopiou.

One Oligarch, One Company

During a meeting of EU ambassadors on July 15, a Greek representative argued that a proposed ban on transporting Russian liquefied natural gas to third countries would effectively destroy Dynagas, a shipping company specializing in Arctic LNG transport. The impasse, which Euractiv described as coming "down to one Greek oligarch," has delayed the package by at least a week.newsukraine.rbc+2

Dynagas operates 27 gas carriers, including specialized Arc7-class icebreaking tankers used to serve Russia's Yamal LNG project. Since early 2025, the company has transported over 10 million metric tons of Russian LNG across 144 voyages, according to the Financial Times News Corp ↗ 0.00%. Greece argues the vessels cannot be redeployed to other routes, and that sanctions would force their sale to non-Western buyers at roughly $300 million per tanker.ft+1

Broader Package in Limbo

The 21st sanctions package extends beyond LNG restrictions, targeting additional Russian banks, cryptocurrency networks, and military-industrial companies, while introducing a new mechanism for capping the price of Russian oil. Unanimous approval from all 27 member states is required.newsukraine.rbc

The deadlock forced the EU to temporarily extend the current Russian oil price cap at $44.10 per barrel to buy time for further negotiations. The package had been expected for adoption by July 15, but could now slip to autumn if no agreement is reached.pravda+1

Criticism Mounts

Diplomats from other EU countries have pushed back against Athens, emphasizing that all member states face economic losses from sanctions but consider such measures necessary to maintain pressure on Moscow. EU High Representative for Foreign Affairs and Security Policy Kaja Kallas expressed regret over the lack of agreement and said Brussels would consider alternative courses of action if consensus could not be reached.newsukraine.rbc

The standoff highlights a recurring tension in EU sanctions policy: Greece has previously resisted measures targeting its dominant shipping industry, including opposition to the 20th package earlier in 2026 over restrictions on Western oil tankers.robinjbrooks.substack