A diplomatic crisis is brewing in Brussels, paralyzing the work of the European Union for over a week. Greece has vetoed the adoption of the 21st sanctions package against Russia, citing a threat to the existence of one of the largest Greek shipping conglomerates. At the center of the conflict is magnate George Procopiou and his company Dynagas, whose assets are under threat due to the planned ban on transporting Russian liquefied natural gas (LNG).
Threat to the Arctic Fleet
On Wednesday, the Greek Ambassador to the EU voiced Athens' position: the planned restrictions, which would ban the transport of Russian LNG to third countries, would effectively destroy Dynagas' business. The company's specialization is unique: it operates a fleet of 27 gas tankers, one-third of which are Arc7 class vessels. These tankers feature a reinforced structure allowing them to operate in the harsh conditions of the Arctic's icy waters.
The fleet was specifically built to service the "Yamal LNG" plant. Since the beginning of 2025, the company has transported over 10 million tons of Russian gas on 11 vessels. According to the investigation, during this period, Dynagas vessels completed 144 voyages, ensuring the supply of products from the Siberian plant to the EU market.
Economic Background of the Conflict
Greece's interests in this matter go far beyond a single company. In addition to Dynagas, George Procopiou owns the oil tanker business Dynacom. Over the last three years, this structure has earned at least $915 million from trading Russian crude oil, surpassing any other Greek shipping company in profitability.
Dynacom's reputation as a bold player in the market was confirmed in the first weeks of the conflict between the US and Israel with Iran: the company was one of the first to risk sending tankers through the Strait of Hormuz.
Consequences of the Sanctions Blockade
Athens' veto has led to the postponement of the adoption of the EU's 21st sanctions package against Russia. In addition to restrictions on LNG, this package included measures against a number of Russian banks, cryptocurrency networks, and military-industrial enterprises. The document also provided for a mechanism to lower the "price cap" on Russian oil, above which companies cannot legally purchase and transport it.
Other EU diplomats are trying to convince the Greek side that companies from all member states have suffered losses as a result of the sanctions policy aimed at an economic blow to Moscow. However, statistics show that demand for Russian gas remains high: in the first half of 2026, Europe imported more liquefied natural gas from the "Yamal" plant than ever before, absorbing almost the entire volume of the Siberian plant's output in the months leading up to the import ban.
