Greece pushes back against parts of new EU sanctions on Russia
Photo: Sanctions (Getty Images)
The European Union has so far failed to agree on its 21st package of sanctions against Russia. One of the main obstacles has been Greece's position, according to Reuters.
An unexpected obstacle
Greece has objected to certain provisions of the EU's new sanctions package against Russia, warning that a ban on the transshipment of Russian liquefied natural gas (LNG) to third countries could hurt not only Moscow but also European companies.
According to sources, Athens believes that any new restrictions should increase pressure on Russia without undermining the competitiveness of European businesses.
Why Athens objects
According to Reuters' sources, Greece is one of Europe's leading players in the LNG shipping market and ranks among the world's largest operators, competing with Japan, China, and the United States.
Athens therefore fears that banning the transshipment of Russian LNG would allow shipping companies from non-EU countries to take over the market share left behind.
"From Athens' perspective, any new package of restrictive measures must be carefully calibrated to maximise pressure on Moscow while minimizing unintended consequences for European businesses, consumers, and competitiveness," one source said.
The source also stressed that Europe should not inadvertently hand entire sectors of economic activity or market share to companies from outside the EU as an unintended consequence of its own sanctions policy.
Talks postponed
According to Reuters, EU ambassadors failed to reach an agreement on the 21st sanctions package during Wednesday's meeting. In addition to Greece, Austria also raised objections to certain provisions.
Earlier, Lithuanian Foreign Minister Kęstutis Budrys said that EU member states had not yet reached a common position on additional restrictions targeting Russian LNG.
As a result, discussions on the new sanctions package have been postponed until July 23. Until then, the price cap on Russian oil will remain unchanged at $44.10 per barrel.
It should be noted that on July 17, the European Union approved a new package of sanctions against Russia, expanding restrictions on companies involved in the development, production, management, and financing of Russia's military-industrial complex, including entities linked to the production of navigation modules for Shahed drones and Iskander-M missiles.
