Greece is blocking the European Union's newest round of sanctions on Russian gas to shield a single shipping company, the Financial Times reported. The objection has stalled the bloc's 21st sanctions package for a week and forced an emergency extension of the cap on Russian oil prices. At the center sits one Greek tycoon and a fleet of tankers built for Russia's Arctic.
The company at the center
Athens is protecting Dynagas after its ambassador warned the sanctions would "ruin" the company owned by Greek shipowner George Prokopiou. Greece's ambassador to the EU told fellow envoys on Wednesday that the planned measures, which would ban transporting Russian LNG to third countries, would "ruin" the firm, two people briefed on his remarks said. Two others confirmed he had named Dynagas as the reason Greece could not back the package.
Dynagas has moved more than 10 million tons of Russian LNG since the start of 2025, the FT calculated using data from analytics firm Kpler, identifying 11 of its ships that completed 144 voyages in that time.
A veto that freezes the whole package
The EU's 21st sanctions package needs unanimous support, so one refusal is enough to hold it. Greece's objection has left the rest of the package stalled, freezing planned measures against additional Russian banks, crypto platforms, and defense-industry firms. The package also carries a mechanism to lower the ceiling above which companies may legally buy and transport Russian crude.
The bloc's previous round added 46 shadow-fleet tankers to its blacklist, bringing the total past 630 ships.
Prokopiou controls Dynagas alongside Dynacom, whose Russian-crude trade has brought in $915 million over three years — the biggest such haul of any Greek shipowner. When the US-Israel war with Iran erupted, Dynacom was among the earliest operators willing to run tankers through the Strait of Hormuz.
