The European Union has agreed upon a new sanctions package against Russia for its war in Ukraine, which includes a price cap on Russian oil.
The deal reached by ambassadors grants Greece an exemption to continue shipping Russian LNG to non-EU clients for the foreseeable future.
The European Union has agreed to impose a new round of sanctions against Russia, following chaotic negotiations that threatened to put the entire package at risk.
Greece, whose veto had until now prevented a deal, secured an exemption to continue shipping Russian LNG to non-EU clients for the foreseeable future.
The deal by ambassadors freezes the cap at $44 per barrel for 12 months, removing a source of uncertainty as hostilities between the United States and Iran resume.
This may be why Greece got a good deal:
The proposed sanctions would prevent EU shipping from carrying Russian liquefied natural gas to third parties – even though the EU itself increased its own imports of Russian LNG by 11 percent in the first six months of 2026, compared with the same period last year.
Greece says that as owner of 60 percent of the EU fleet, its shipping would be disproportionately penalised if the new planned sanctions come into effect.
h/t KeepIt