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Greece secured a limited exemption for the transportation of Russian liquefied natural gas (LNG) as European Union countries agreed Thursday on the bloc's 21st sanctions package against Moscow.
The compromise allows European companies to continue transporting Russian LNG to third countries under contracts concluded before Feb. 24, 2022, Greek public broadcaster ERT reported.
The arrangement protects existing activities but does not allow European operators to undertake new ones. Transportation will effectively be frozen at current levels, while the EU Council will be able to review the exemption annually.
Athens had opposed earlier versions of the package that proposed a broader ban on EU companies providing transportation services for Russian LNG.
Greece argued that a complete prohibition would not substantially reduce Moscow's energy revenues but would instead transfer market share to non-European competitors and reduce EU oversight of Russian LNG shipments.
The issue carries particular significance for Athens because Greek shipowners control a substantial share of Europe's specialized LNG carrier fleet.
Greek shipping companies have also played a major role in transporting Russian oil since the Group of Seven (G7) introduced its price cap regime in December 2022.
The companies earned more than $3.8 billion from transporting Russian oil over the past three years, according to a Financial Times analysis.
Eight of the 20 companies earning the most from Russian oil shipments since June 2023 were Greek, while Greek operators accounted for nearly 15% of Russian crude exports in May.
The new EU package also freezes the Russian oil price cap at $44.10 per barrel for 12 months and expands sanctions targeting the financial, energy, cryptocurrency and trade sectors.
The package, the EU's 21st since Russia's 2022 invasion of Ukraine, had been delayed by objections from member states to several proposed measures.
"Our 21st sanctions package targets the sectors with the highest impact: energy, financial services, crypto, and trade," European Council President Antonio Costa wrote on social media.
"Our support for Ukraine and for a just and sustainable peace remains unwavering," he added.
Diplomats said the final hurdle was cleared after Greece was granted the LNG transport exemption.
Ambassadors from the EU's 27 member states had been racing to seal an agreement to lock in the price cap on Russian global crude exports before a deadline that could have seen it rise.
Under the deal, the current level will remain in place for the next 12 months as the EU seeks to prevent Moscow from benefiting from a surge in oil prices linked to the Middle East war.
The new package also targets Moscow's financial sector and crypto firms and blacklists scores more Russian officials over the war.
However, a sweeping visa ban proposed to prevent Russians who fought in Ukraine from entering the bloc was delayed.
Diplomats said the package includes only a commitment to work toward such a ban in the future.
Several other proposed measures were also stripped out.
Bulgaria said it blocked the inclusion of Russian Orthodox Patriarch Kirill on an asset freeze and visa ban blacklist.
Portugal and France objected to a ban on imports of cod and Alaskan pollock from Russia, diplomats said.
The latest sanctions come as Kyiv appears to be gaining momentum against Moscow after more than four years of fighting.
"At a time when Ukraine has built military momentum, our sanctions continue to weaken the economic foundations of Russia's war effort," European Commission President Ursula von der Leyen wrote online.
While Moscow has weathered years of Western economic sanctions and continued its offensive, EU officials insist the measures are taking a growing toll.
Diplomats warn, however, that after more than 20 rounds of sanctions, it is becoming increasingly difficult to find new areas to target that all 27 EU countries can agree on.
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