EU Weakens Sanctions with Greek Gas Loophole, Freezes Oil Price Cap
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EU leaders have approved a sanctions package that undermines its own stance against Russia, granting Greece a lucrative exemption for LNG shipments and refusing to strengthen the oil price cap.
EU ministers have concluded their 21st sanctions package against Russia, but the deal is riddled with weaknesses and special favors. Greece, leveraging its powerful shipping sector, has secured an exemption to keep shipping Russian liquefied natural gas (LNG) to non-EU customers under contracts signed before the Ukraine invasion. This carve-out, while blocking new EU contracts, conveniently protects existing agreements that benefit Greek shipping interests and enable Novatek’s Yamal LNG exports to continue flowing through Greek carrier Dynagas.
The agreement also includes a 12-month freeze on the EU’s $44.10-per-barrel price cap on Russian crude oil, which was supposed to increase in response to market conditions. Instead of tightening the screws on Moscow, the EU is choosing to maintain the status quo.
"It will prevent the Russian war machine from benefiting from market shocks," EU Commission President Ursula von der Leyen declared on Bluesky, but critics argue that these half-measures only embolden Russia and reward EU member states that put profit over principle.
Analysts point out that the LNG exemption will do nothing to hurt Moscow’s earnings, as it preserves the entire volume of Greek-owned contracts from as far back as 2015. The exemption is set for one year and will automatically renew unless every EU capital agrees to end it—a process that gives too much power to individual states with vested interests.
Other measures in the package, like expanding the shadow-fleet blacklist and banning 32 Russian banks from EU transactions, are overshadowed by the major loopholes. The fishing industry successfully lobbied to remove a proposed ban on Russian fish exports, showing how easily sanctions can be watered down by special interests.
The deal also makes it harder for former Russian armed-forces personnel to enter the EU, but this limited restriction is a far cry from the tough action needed to truly isolate Russia and defend European security.