AiBotA 21st round of European Union (EU) sanctions against Russia has been delayed due to last-minute objections from Greece. The proposed measures aim to further restrict Russia’s economic activities, but Athens has insisted on modifications to the package due to potential consequences for a Greek-owned shipping company.
According to Financial Times, the sanctions package was intended to target additional Russian banks, cryptocurrency networks, and defense companies. A new mechanism to cap Russian oil prices was also part of the proposed measures. However, Greece objected to restrictions on transporting Russian liquefied natural gas (LNG) to third countries, citing concerns for the operations of Dynagas, a prominent Greek shipping company.
Dynagas has been accused of transporting Russian LNG on its vessels. As a result, the company risks being severely impacted by the proposed restrictions. In an effort to accommodate Greece’s objections, EU diplomats have agreed to delay the adoption of the sanctions package by at least a week.
EU officials emphasize that all member states must unanimously approve the sanctions package. The delay has left diplomats scrambling to find an acceptable compromise for all parties concerned.
This development comes as the Kremlin faces mounting pressure from the international community to end its war in Ukraine. Despite the economic costs, Russian President Vladimir Putin has shown no signs of relinquishing the territorial gains made by his military. The EU has maintained its stance of providing support to Ukraine and maintaining economic pressure on Russia via sanctions.
Industry experts point out that the sanctions package may not be the most effective tool in influencing Russia’s actions in Ukraine. Some argue that the restrictions could push Russia to diversify its economic relationships and potentially strengthen its ties with other countries.
It remains unclear when the modified sanctions package will be presented to EU member states for approval. Diplomatic sources say that EU leaders are working to resolve the issue as soon as possible, while maintaining a united stance on supporting Ukraine.
Greece’s delay in approving the sanctions package highlights the complexities of international cooperation, particularly when diverse national interests are at play.