Greece is opposing the imposition of new European sanctions against Russia because it does not want to penalize Dynagas, the shipping company of shipowner George Prokopiou, which has specialized in transporting liquefied gas produced at Yamal LNG, a plant in the Siberian Arctic.
According to sources from the Financial Times, the Greek representative to the European Union reportedly told his counterparts that the twenty-first sanctions package on Russia – which includes a ban on transporting Russian liquefied gas to third countries, among other things – would “ruin” Dynagas.
GREECE AGAINST EUROPEAN SANCTIONS ON RUSSIA
Yesterday, the representatives of the EU member states failed to reach an agreement on the twenty-first sanctions package on Russia. Although the measure also includes new actions against Russian banks, cryptocurrency platforms, and drone manufacturers, Lithuania’s Foreign Minister Kestutis Budrys highlighted the lack of a common European position on tightening restrictions on liquefied gas.
THE PRICE CAP ON OIL
The package also included a mechanism to adjust the so-called price cap on Russian oil, that is, the “price ceiling” beyond which buying, selling, and transporting crude oil produced by Moscow is prohibited.
The price cap has a dual purpose: on one hand, to reduce Russia’s economic revenues by making it harder to sell its oil at market prices, thereby limiting its ability to finance the war in Ukraine; on the other hand, to avoid an excessive reduction in crude oil availability, preventing a supply crisis that would drive prices up and harm the global economy.
Currently, the price cap is set at $44.1 per barrel. Yesterday, EU state representatives agreed to maintain this level for one week while awaiting an agreement on its adjustment. Previous revelations by the Financial Times have shown that the Greek government opposes the price cap because it does not want to penalize its shipping industry.
GREECE’S ROLE IN TRANSPORTING RUSSIAN ENERGY
Greek shipping companies are, in fact, those that have earned the most – at least $3.8 billion over the past three years – from maritime transport of Russian crude oil, a trade allowed as long as it complies with the price cap.
The company that has earned the most so far is Prokopiou’s Dynacom Tankers, with $915 million since July 2023. Following are Olympic Shipping & Management of the Onassis Group with at least $404 million, and the Athens-based Stealth Maritime and Polembros Shipping, each with over $200 million.
Only entities registered in the United Arab Emirates have transported more Russian oil than the Greek ones.
EUROPE STOCKS UP ON YAMAL LNG LIQUEFIED GAS
Greek ships do not only transport Russian crude oil but also liquefied gas, specifically that produced at Yamal LNG. From this plant, the European Union imported nearly ten million tons of fuel in the first half of 2026: a record volume, 18 percent higher than the same period the previous year.
The member countries that purchased the most gas from Yamal LNG were France (3.6 million tons), Belgium (2.9 million tons), and Spain (2.7 million tons).
WHAT DYNAGAS DOES
Yamal LNG relies, for marketing its production, on a small fleet of Arc7 icebreaking LNG carriers. The Greek company Dynagas manages one-third of these vessels.
According to Kpler data, since the beginning of 2025 Dynagas has transported over ten million tons of Russian liquefied gas using eleven vessels. The Arc7-class LNG carriers owned by the company were built – at a high cost: about $300 million each – specifically to handle Yamal LNG cargoes.
The Greek government argues that Dynagas would not be able to repurpose the Arc7 vessels elsewhere, as they are specialized LNG carriers designed for navigation through ice, and that tightening sanctions on Russia would force the company to sell them to non-Western entities.
