Last week, Greece prevented the EU from adopting new sanctions against Russia. The Greek company Dynagas transports Russian liquefied natural gas (LNG) using specialized Arc7-class vessels from Siberia and the Yamal gas fields. Greece blocked the sanctions out of consideration for Dynagas, which would lose its largest customer if the transport of LNG from Russia were sanctioned.
“We believe that Greece’s conduct is lacking in solidarity and unacceptable,” Swedish MEP Jonas Sjöstedt of the Left Party told FTU. “In practice, the country’s right-wing government is protecting wealthy shipping families who make substantial profits from oil trade with Russia. The other countries should put maximum pressure on Greece to change its position.”
According to the Financial Times, the Greek EU ambassador believes that sanctions would ruin Dynagas owner George Prokopiou. According to the Financial Times, he has earned at least 915 million dollars from trading Russian oil over the past three years. Prokopiou would lose part of his gas revenue if sanctions on LNG transport were adopted. Dynagas risks being left with ownership of expensive, specialized LNG vessels that cannot be sold to Russia because of the announced sanctions.
The matter is due to be reconsidered by the EU countries today, July 22. For now, the ambassadors from the other EU countries remain firm in refusing to accept Greece’s proposal to block the LNG sanctions.
Russia’s war of aggression against Ukraine is financed largely by revenues from oil and gas. The Yamal gas fields generated approximately 7 billion euros in revenue for themselves and in Russian tax during the first half of 2026. Effective sanctions against Russia’s oil and gas industry could seriously affect Russia’s war economy, limiting its ability to purchase weapons for use against Ukraine. Ukraine would then also have less need for Norwegian aid if Russia’s war of aggression became shorter or less intense.
The Yamal gas field is operated by Russia’s largest independent gas producer, Novatek. Yamal accounted for 60% of Russia’s total LNG production in 2024, according to the Russian news agency Interfax. These figures are based on self-reported Russian state analyses. In the first quarter of 2026, the EU imported 97% of Yamal’s total LNG production.
Greek Dynagas and Scottish Seapeak together operate at least eleven of the fifteen vessels. The 15 vessels were specially built to transport LNG from Yamal to Europe, mainly to France, Belgium, Spain, and the Netherlands. If Russia’s exports to Europe using European vessels are sanctioned, it will become significantly more difficult for Russia to transport the gas eastward through the Arctic and sell it to Asia, causing Russia a major economic loss.
MEP Jonas Sjöstedt recently challenged the Russian shadow fleet at sea together with Greenpeace. A Russian warship headed directly toward Sjöstedt’s inflatable boat at high speed, Sjöstedt told Sveriges Television (SVT). Sjöstedt told FTU that “the Left Party believes that all imports of oil and gas from Russia to the EU must be stopped as quickly as possible. My colleague Hanna Gedin worked toward this during the negotiations with the Council of Ministers, in which she participated. The imports finance Russia’s brutal war of aggression against Ukraine, and the shadow fleet represents a major environmental risk to the Baltic Sea.”
Neither the Greek embassy in Norway nor the EU ambassador has responded to our inquiries. We have also not received a response from Dynagas.
Stricter sanctions in the United Kingdom
The United Kingdom has already adopted strict sanctions in 2026 that affect the British company Seapeak, which also transports LNG from Siberia. All transport of LNG from Russia will be prohibited in the United Kingdom from January 1, 2027. Nevertheless, Greece wants to protect Dynagas and its LNG transports from Yamal. We asked Seapeak for its views on Greece’s attempt to block the sanctions, but have not received a response.
“I welcome the fact that the United Kingdom is taking the lead with sanctions. The EU can and should follow up as soon as possible,” MEP Jonas Sjöstedt told FTU.
At present, EU companies are legally permitted to transport Russian LNG for sale both within the EU and to countries outside the EU. Last year, the EU adopted sanctions that prohibit EU countries from purchasing LNG from January 1, 2027. The EU is now attempting to prohibit the transport of LNG by companies within the EU to countries outside the EU. It will be interesting to see whether Greece follows the United Kingdom’s strict LNG sanctions.
While Greece and the EU are discussing new LNG sanctions, Russia is attempting to buy 10 Arc7 vessels from Japan and South Korea.