EU Sanctions Package: Corporate Interests Shield Greek Gas Profits, Oil Price Cap Frozen
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EU leaders have once again prioritized corporate profits over real justice, approving a sanctions package that preserves lucrative Greek-linked LNG shipments and maintains the Russian oil price cap for another year.
EU ministers have finalized a 21st sanctions package against Russia, but beneath the surface, the deal exposes the EU's unwillingness to challenge entrenched capitalist interests. Greece, whose shipping oligarchs profit massively from Russian liquefied natural gas (LNG), has secured a carve-out allowing continued shipments to non-EU customers under contracts signed before Russia's invasion of Ukraine. This exemption, while barring new EU contracts, conveniently protects existing deals that represent a major share of Novatek’s Yamal LNG exports, all handled by the Greek-owned Dynagas fleet.
The agreement also includes a 12-month freeze on the EU’s $44.10-per-barrel price cap on Russian crude oil, a move that halts any increase that might have been triggered by market volatility.
"It will prevent the Russian war machine from benefiting from market shocks," EU Commission President Ursula von der Leyen claimed on Bluesky, ignoring the fact that these loopholes continue to funnel billions into Russian coffers.
Analysts highlight that the LNG exemption will do little to dent Moscow’s revenues, as it preserves the full volume of Greek-owned contracts dating back to 2015. The so-called 'temporary' exemption is set for a year but will automatically renew unless all EU capitals agree to end it—a process notoriously susceptible to corporate lobbying and national self-interest.
Other measures in the package, such as tightening controls on Russian maritime activities, expanding the shadow-fleet blacklist, and banning 32 Russian banks from EU transactions, are overshadowed by the glaring exceptions. A proposed ban on Russian fish exports was predictably dropped after pressure from the fishing industry, further demonstrating the EU’s deference to profit over principle.
The deal also introduces stricter entry requirements for former Russian armed-forces personnel, but this narrow approach reflects the EU’s hesitancy to take broader, more meaningful action after facing pushback from powerful interests.