Greece blocks EU’s 21st Russia sanctions package over Russian LNG shipping ban

Jul 16, 2026

Greece has blocked the European Union's 21st sanctions package to protect Dynagas, a shipping company owned by billionaire George Prokopiou. The proposed sanctions, which ban the transit of Russian LNG to third countries, would reportedly ruin Dynagas, which operates a third of the specialized Arc7 ice-class tankers serving Russia's Yamal LNG plant. The Greek veto has stalled the package for a week, forcing an emergency extension of the $44.10 per barrel Russian oil price cap.

Sanctioned vessels carrying LNG modules

▪The tankers Glory Ocean and Bright Ocean avoided the Suez Canal and sailed around continental Africa to bypass European Union sanctions.
▪Two sanctioned tankers, Glory Ocean and Bright Ocean, are transporting critical module pieces for Russia's Arctic gas projects through European waters to Belokamenka.

Shadow fleet circumvention tactics

▪The European Union's 20th sanctions package added 46 shadow-fleet tankers to its blacklist, bringing the total to more than 630 ships.
▪The tankers Glory Ocean and Bright Ocean sailed under a false Malian flag while remaining registered with the Russian maritime register of shipping.

Russia's Arctic LNG expansion strategy

▪Dynagas has transported over 10 million tons of Russian liquefied natural gas on 11 vessels across 144 voyages since the beginning of 2025.
▪The modules carried by Glory Ocean and Bright Ocean are destined for Novatek's Arctic LNG expansion, likely Arctic LNG 2 or the Murmansk LNG project.
▪Dynagas operates 27 gas tankers, including approximately one-third of the specialized Arc7 ice-class fleet built for Russia's Yamal LNG plant.
▪The Murmansk LNG project will be served by an ice-free port connected to new pipeline infrastructure, unlike Arctic LNG 2 which requires Arc7 ice-class tankers.

EU sanctions negotiations and Greek opposition

▪The Greek veto stalled the European Union's 21st sanctions package, which requires unanimous support, for one week.
▪The stalled 21st sanctions package contains proposed restrictions against additional Russian banks, cryptocurrency networks, and defense-industrial firms.
▪Greece blocked the European Union's 21st sanctions package to protect Dynagas, a shipping company owned by Greek shipowner George Prokopiou.
▪The delay in negotiations forced European Union envoys to agree to a one-week emergency extension of the $44.10 per barrel Russian oil price cap.
▪Greece's ambassador to the European Union stated that proposed sanctions banning the transit of Russian liquefied natural gas to third countries would ruin Dynagas.
▪Kaja Kallas, the European Union's top diplomat, stated that the bloc will begin working on a Plan B if no consensus is reached on the package.

European Russian fossil fuel imports

▪George Prokopiou's tanker operator Dynacom earned at least $915 million from trading Russian crude oil over a three-year period.
▪European Union member states imported 91 cargoes from Russia's Yamal LNG project, worth an estimated €3.88 billion, in the first four months of 2026.