Greece Resists EU Sanctions over LNG Trade

The European Union is working to approve a 21st package of sanctions against Russia, focused primarily on the banking sector and further restrictions on Moscow's energy revenues. Negotiations are being complicated by Greece, however, which is demanding that previously agreed measures on the import and transport of Russian liquefied natural gas (LNG) be eased.

Athens argues that a ban on transshipping Russian LNG to third countries would primarily harm European shipping companies without significantly affecting Russia's revenues.

Greece is among the world's leading LNG transporters and warns that trade could shift to competitors in Asia.

The proposed sanctions also include adding approximately 90 additional Russian banks to the sanctions list, restricting their access to international financial transactions.

At the same time, the European Commission is proposing to maintain the price cap on Russian oil at $44.10 per barrel for the next six months.

(Reuters, mja)