LONDON – The European Union may reconsider the way it implements sanctions against Russia. This is due to the actions of Athens, which blocked the adoption of the latest package of measures for several weeks and eventually negotiated an exemption for a Greek shipping company, according to the Financial Times newspaper.
According to the report, Greece refused to support the new sanctions package until other EU member states agreed to grant an exemption to the company Dynagas. Athens reportedly sought to ensure that ships belonging to this company could continue transporting Russian liquefied natural gas to countries outside the European Union.
The Financial Times stated that this is the first case where the collective system of economic sanctions imposed by the EU on Russia has been eased. At the same time, the newspaper noted that the current approach shows that a number of member states may face significant economic consequences from sanction decisions.
Therefore, discussions are now taking place in Brussels about new ways to implement restrictive measures. European authorities are considering the possibility of approving sanctions individually or in smaller thematic packages. This approach could reduce the risk that a veto from a single member state will block or significantly delay the adoption of further measures.
Greek officials claimed that the ban on transporting Russian LNG was approved by mistake. In their opinion, the measure would primarily harm the company Dynagas, not the Russian economy. The ban could also give an advantage to competing shipping companies from China and other countries that are not members of the European Union, according to the Financial Times.