EU's 21st Russia sanctions package stalls over Greek LNG objection
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EU ambassadors failed to agree on the 21st sanctions package against Russia on Wednesday, as Greece blocked a provision restricting Russian LNG transshipment to third countries. The package targets Russian banks, crypto networks, energy revenues, and military supply chains. The deadlock leaves the bloc's latest punitive measures in limbo.
Greek Objection
Athens argues that banning Russian LNG transshipment to third countries would not significantly reduce Moscow's energy revenues, as the trade would simply shift from European firms to competitors in Japan, China, or the United States. Greek shipowners, who hold a major share of Europe's LNG transport market, oppose regulations that could weaken their global competitiveness against Asian and American rivals.
Banking and Crypto Targets
The draft package lists 94 financial entities, including about 90 banks. If adopted, the number of Russian banks under EU sanctions would exceed 100, covering over half of Russia's 213 internationally connected credit institutions. The EU also aims to restrict alternative payment channels, including crypto platforms and payment systems, that Russia has used since major banks were cut from SWIFT in 2022.
Broader Sanctions Scope
The package targets approximately 40 drone manufacturers, oil trading firms, refineries, and entities supplying parts to Russia's defense industry. A European intelligence report warns that the new sanctions could trigger a sudden shock to Russia's banking system, though Moscow claims its financial sector has adapted and alternative payment mechanisms continue to function smoothly.
What's Next
EU ambassadors are expected to resume negotiations on Thursday, with the oil price cap review deadline of July 23 looming. It remains unclear whether Greece will lift its objection or whether the package will be split to bypass the LNG dispute.
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EU's 21st Russia sanctions package stalls over Greek LNG objection
