Greece seeks to modify the European Union's ban on Russian liquefied natural gas to preserve global shipping opportunities.
Greece is pushing to adjust the European Union's planned ban on Russian liquefied natural gas (LNG), which is set to take full effect in 2027. While the bloc agreed to prohibit the purchase and import of Russian LNG, Greece wants to insert an exemption allowing the transport of the gas to non-EU clients worldwide. The coastal nation, which hosts the world's largest merchant fleet, argues that a total ban on transport is inefficient because Moscow will simply sell its gas to other markets, such as China. Greek officials believe that banning transport provides little geopolitical gain while potentially hurting maritime capacity. This move is driven largely by the interests of Dynagas, a shipping company owned by Greek billionaire George Prokopiou. Other EU member states have expressed frustration with the move, viewing it as a late challenge to a previously unanimous agreement. The dispute has also delayed the review of the Russian oil price cap, as the European Commission seeks to keep the cap at $44.10 per barrel until a final agreement on the sanctions package is reached.