Brussels is considering a new approach to sanctions against Russia, after Greece blocked a comprehensive package of EU measures to protect a shipping magnate. European officials are thus looking for ways to speed up the approval of more targeted financial restrictions, so that member states have fewer opportunities to exercise their veto power in negotiations, announces the Financial Times.
Athens spent weeks requesting a derogation for the ships of the company Dynagas, so that they could continue transporting profitable Russian liquefied natural gas (LNG). Greece conditioned the approval of a new sanctions package against Moscow on the acceptance of this exception, even though the measures mainly targeted Russia's financial system and revenues from oil exports.
According to three European officials, Brussels is now seeking solutions to prevent a recurrence of such a situation. The tactic used by Athens has become increasingly frequent in sanctions negotiations, as some member states try to protect companies that still do business with Russia.
How the veto right came to block sanctions
An idea that is gaining more and more support both within the European Commission and among member states that firmly support Ukraine is to abandon large sanctions packages in favor of measures adopted individually or in narrow thematic groups.
European officials believe that such an approach would reduce the risk of the entire process being blocked by a single member state's veto.
"This could be the last 'package' of sanctions," said one of the sources, referring to the measures finally approved on Thursday after weeks of difficult negotiations with Greece. "It is now very clear that this approach no longer works."
Since the start of the Russian invasion of Ukraine in February 2022, the European Union has adopted 21 sanctions packages against Moscow. The measures were grouped and approved as a bloc, with the unanimous agreement of all 27 member states, often to send a strong political message or to coincide with symbolic moments, such as the anniversary of the war's outbreak.
In practice, however, this system allowed a single state's opposition to a particular measure to block the entire package, including restrictions on which there was consensus.
The derogation obtained by Greece
Last week, Greece refused to approve the new sanctions package until the other member states accepted a derogation for the shipping company Dynagas, controlled by billionaire George Prokopiou.
The exception targets a sanction adopted in October 2025, which bans the transport of Russian LNG to states outside the European Union starting January 2027.
Through the derogation obtained, Dynagas ships will be able to continue these transports.
According to European officials, this is the first time the European Union's economic sanctions regime against Russia has been relaxed in response to a member state's request.
Greece's position delayed the adoption of measures considered important by the other member states, including:
- limiting the additional revenues Russia obtains from crude oil exports;
- fully freezing the assets of 94 Russian financial institutions;
- banning transactions with 33 banks in Russia.
Several European diplomats involved in the negotiations described Athens' tactic as "scandalous."
"I don't want to hear anyone talk about solidarity anymore," said one of them.
Greece's arguments
Greek officials argue that the ban on LNG transport was adopted by mistake and that it would primarily affect Dynagas, without producing significant effects on the Russian economy.
In their view, the restriction would benefit competing shipowners from China and other non-EU states.
Supporters of the new sanctions strategy believe that adopting separate measures, without including them in large packages, would allow faster approval and reduce the risk of a single state's interests blocking the entire process.
On the other hand, some officials warn that the current system also has advantages, as it forces member states to jointly bear the economic costs of sanctions and encourages solidarity within the Union.
Asked about the possibility of changing the strategy, a European Commission spokesperson declined to comment.
"It is still worth noting that, after 21 sanctions packages adopted since the start of the war, Russia is subject to a very large number of restrictions that continue to exert significant pressure on its economy," he said.
Editor: C.A.
