EU exempts Greek Dynagas from Russian LNG ban for 12 months
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The European Union will exempt Greek gas shipper Dynagas from the latest sanctions package on Russia, allowing it to continue transporting Russian LNG to third parties for 12 months after the ban takes effect. The concession follows pressure from Greece, which argued the package would harm its economy. The exemption is capped at volumes shipped in 2025 and can be renewed.
The Sanctions Package
The EU's latest sanctions package, set to be voted on today, includes a ban on LNG shipments to third countries and a total ban on LNG purchases by EU entities. Several member states have complained about adverse economic effects, forcing Brussels to negotiate concessions. The exemption for Dynagas is one such concession, reported by the Financial Times citing unnamed diplomats.
Dynagas and Yamal LNG
Dynagas operates 27 gas carriers, including a third of the Arc7 tankers servicing the Yamal LNG plant. EU purchases of Yamal LNG rose 16% year-on-year in the first half of 2026 to an all-time high of 9.97 million tons, representing 97% of the plant's output. The exemption allows Dynagas to continue shipping Russian LNG to third parties, with volumes capped at 2025 levels.
Supply Constraints
The EU may struggle to find alternatives to Russian LNG after the ban takes effect. QatarEnergy extended its force majeure on Ras Laffan until October, per a Bloomberg report, which has already pushed up prices. The extension prolongs elevated LNG prices as the EU races to refill storage ahead of winter.
What's Next
The sanctions package is set to be voted on today, with the Dynagas exemption taking effect upon approval. It remains unclear whether other EU member states will seek similar concessions or how the cap on volumes will be enforced.
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EU exempts Greek Dynagas from Russian LNG ban for 12 months
