Greek Company Blocks New EU Sanctions on Russia: Inside the LNG Business Ties.

The EU Sanctions and Dynagas

According to Espreso.tv: A Greek firm operating 27 LNG carriers has refused to back the European Union's latest sanctions package, citing concerns over the impact on its operations. The move came to light after the European Commission introduced its 21st round of sanctions against Russia on June 9, which included new restrictions like a ban on entry into the EU for Russian military personnel. On July 15, an official from Athens confirmed the details regarding sanctions targeting the transport of liquefied natural gas (LNG).

Dynagas is owned by Greek magnate George Prokopiou, who has earned at least $915 million from trading Russian oil over the past three years. Since 2025, the company has shipped over 10 million tons of Russian LNG, highlighting its critical role in the sector and its heavy reliance on Russian supplies. Notably, the new sanctions package also prohibits entry into the EU for anyone who has served in the Russian armed forces since the start of the war against Ukraine.

The Complexity of Sanctions

In a related development, the names of Russian Orthodox Church Patriarch Kirill and Lukoil founder Vagit Alekperov were removed from the draft at Bulgaria's request. This underscores the complexity and political sensitivity surrounding sanctions against Russia.

Dynagas's refusal to support the sanctions may illustrate how European businesses are struggling to balance political demands with economic interests.

The importance of Russian LNG for the European market, and Europe's dependence on it, could influence future EU decisions on sanctions. These events highlight the challenges states and companies face amid the global political situation, demonstrating the intricate and often ambiguous nature of international relations during a crisis.