The bloc has been forced to approve a watered-down package, including a Greek-backed exemption that allows EU companies to transport Russian LNG
The EU has relented on objections from member states, granting what one diplomat has described as an “outrageous exemption,” to issue a watered-down sanctions package targeting Russia. Greece successfully lobbied to allow EU companies to continue transporting Russian liquefied natural gas (LNG) to third countries, media reports claimed on Thursday.
The package, the EU’s 21st since the escalation of the Ukraine conflict in February 2022, was presented by the European Commission in June. It was designed to target Russia’s energy, financial, crypto, trade, and fisheries sectors, bar entry to former Russian servicemen, and phase out Russian LNG transportation by EU companies.
The bloc held several failed rounds of talks on the package, which requires unanimous approval from all 27 EU member states, with a number of nations arguing that some of the proposals would harm their economic interests. Greece, which has the world’s largest independent cross-trade LNG fleet by capacity, warned that banning EU shipping companies from transporting Russian LNG would harm Greek shipping interests, including Dynagas.
Dynagas, one of the few European companies that operate ice-class LNG carriers capable of reaching Russia’s Yamal LNG project in the Arctic, says its vessels are tied to contracts running until 2065 that predate the Ukraine conflict. It argued that the sanctions could force it to sell its fleet, weakening Europe’s shipping industry while benefiting foreign competitors. Greece also reportedly warned that the measure could trigger widespread reflagging to jurisdictions where EU rules would be harder to enforce, and pushed for an indefinite exemption.
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