Greece halts EU sanctions on Russian gas to safeguard Dynagas, owned by George Prokopiou, delaying the 21st sanctions package against Russia.
Greece has blocked a new round of EU sanctions on Russian gas to protect Dynagas, the shipping company owned by Greek tycoon George Prokopiou, reports London's Financial Times.
Athens' ambassador to the EU informed envoys that the planned sanctions, which would ban the transport of Russian LNG to third countries, would 'ruin' Dynagas. This objection has delayed the approval of the EU's 21st sanctions package against Russia, which also targets banks, cryptocurrency networks, and military-industrial firms.
Dynagas operates 27 gas tankers, including a third of the Arc7 fleet built to handle Arctic waters near Yamal LNG. Greece argued that the specialized ships, costing about $300 million each, could not be redeployed and would have to be sold to non-Western buyers.
The delay forced ambassadors to extend the existing oil price cap of US$44.10 a barrel for a week to avoid a jump in prices that would benefit Moscow. This extension allows time to study the economic and technical impact of the LNG transport ban.
Other EU diplomats noted that member states have all lost business due to sanctions. EU foreign policy chief Kaja Kallas expressed regret over the lack of agreement, warning that Plan B measures may be needed if consensus cannot be reached.
Prokopiou also owns Dynacom, which has earned at least $915 million from Russian crude trading in the past three years. Dynagas has transported more than 10 million tonnes of Russian LNG since 2025 on 11 vessels, completing 144 voyages, according to FT data.
The remainder of the Arc7 fleet is operated by Seapeak, Japan's Mitsui OSK Lines, and Russia's Sovcomflot. Neither the Greek government nor Dynagas responded to requests for comment.