GREEK shipowners can continue shipping Russian gas to countries outside the European Union, after Athens succeeded in loosening the latest EU sanctions package.

Greece was the big holdout in Brussels’ negotiations over the sanctions, which need unanimous support to pass.

Its diplomats, backed by George Prokopiou’s Dynagas, argued that banning transfer services on Russian LNG would cost European shippers market share without denting Moscow’s revenue flows.

The exemption was for contracts signed before Russia’s full-scale invasion of Ukraine, while prohibiting EU shipping companies from entering into new ones.

It represents a win for Prokopiou, who has 11 ships chartered to Yamal LNG. Reports from the Brussels bubble say other member states were “aghast” at the Greek position and warned it would set a dangerous precedent.

But the changes do save Europe, which is trying to wean itself off Russian oil and gas, from certain headaches.

The price cap on Russian crude, for one. It was frozen at $44.10, instead of continuing with an automatic recalculation that would have boosted Kremlin coffers just as Ukraine is starting to make real gains in the war.

And Europe imported more Yamal LNG than ever before in the first half of 2026, soaking up nearly all the Arctic project’s output just months before its ban on Russian gas imports comes into effect. Which is a bit awkward.

Athens should be wary of celebrating too soon, though. Brussels will expect favours in return, and the EU ETS revision that has Greek shipowners up in arms is just getting underway.

Declan Bush
Senior reporter, Lloyd’s List

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