Over one-fifth of Russian LNG exports protected by EU's Greek sanctions exemption
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The Greek shipping company Dynagas delivered 2.35 billion euros ($2.72 billion) worth of Russian liquefied natural gas (LNG) to EU customers in the first seven months of 2026, the sanctions-monitoring NGO Urgewald reported on Aug. 18.
The analysis comes weeks after EU leaders agreed to grant Dynagas an exemption from sanctions, allowing the company to continue shipping LNG to third countries after an EU ban on LNG imports takes effect in January 2027.
Urgewald says the Greek company accounted for 35% of all LNG sent to the EU from Russia's Arctic Yamal terminal, which accounts for 63% of Russia's LNG exports, according to the Kyiv School of Economics.
That means Dynagas is single-handedly carrying around 22% of all Russian LNG.
"Scandalously, Greece secured an exemption in the EU sanctions negotiations that could benefit billionaire George Prokopiou's Dynagas and its ongoing business with Yamal LNG," said Urgewald sanctions campaigner Sebastian Roetters.
"The EU has weakened one of its strongest levers over Russia's Arctic trade."
With the EU's own ban on LNG imports just over four months away, there are no signs of the bloc gradually decoupling from Russian supplies.
The Urgewald analysis notes that 92% of Yamal's total exports went to the EU, earning the Kremlin 6.64 billion euros ($7.68 billion).
"As Ukraine endures an intense Russian bombing campaign and fights for its freedom and European democracy, it is beyond the pale that Europe is still paying billions for Russian LNG," said Alexander Kirk, also at Urgewald.
"European governments have had more than four years since the full-scale invasion to secure alternative supplies and end this dependence."
Some countries appear more dependent than others, such as Belgium, where 100% of its LNG imports have been sourced from Russia.
Nor is Dynagas the only commercial interest potentially being safeguarded by Europe.
The LNG terminal at Yamal itself is partially owned by France's TotalEnergies, which has a 20% stake in the venture.
