EU exemption allows Greek shippers to deliver over one-fifth of Russian LNG

Key facts

• Greek shipping company Dynagas delivered 2.35 billion euros ($2.72 billion) worth of Russian LNG to EU customers in the first seven months of 2026.
• An EU sanctions exemption allows Dynagas to continue shipping LNG to third countries.
• This exemption was secured during EU sanctions negotiations.
• Dynagas accounted for 35% of all LNG sent to the EU from Russia's Arctic Yamal terminal.
• This means Dynagas is responsible for approximately 22% of all Russian LNG exports.
• The EU is set to implement a ban on LNG imports in January 2027.

The Greek shipping company Dynagas delivered 2.35 billion euros ($2.72 billion) worth of Russian liquefied natural gas (LNG) to EU customers in the first seven months of 2026, according to an analysis by the sanctions-monitoring NGO Urgewald. This development comes weeks after EU leaders agreed to grant Dynagas an exemption from sanctions, permitting the company to continue shipping LNG to third countries even after an EU ban on LNG imports takes effect in January 2027.

Urgewald reported that the Greek company was responsible for 35% of all LNG sent to the EU from Russia's Arctic Yamal terminal. Given that the Yamal terminal accounts for 63% of Russia's total LNG exports, Dynagas is effectively carrying around 22% of all Russian LNG. "Scandalously, Greece secured an exemption in the EU sanctions negotiations that could benefit billionaire George Prokopiou's Dynagas and its ongoing business with Yamal LNG," stated Urgewald sanctions campaigner Sebastian Roetters, adding that "The EU has weakened one of its strongest levers over Russia's Arctic trade."

With the EU's import ban imminent, there are no indications of the bloc reducing its reliance on Russian supplies. The Urgewald analysis highlighted that 92% of Yamal's total exports were destined for the EU, generating 6.64 billion euros ($7.68 billion) for the Kremlin. "As Ukraine endures an intense Russian bombing campaign and fights for its freedom and European democracy, it is beyond the pale that Europe is still paying billions for Russian LNG," said Alexander Kirk of Urgewald. He criticized European governments for not securing alternative supplies over the past four years.

Some EU countries, like Belgium, are entirely dependent on Russia for their LNG imports, sourcing 100% of their supply from the nation. Furthermore, Dynagas is not the only commercial entity potentially benefiting from European considerations, as France's TotalEnergies holds a 20% stake in the Yamal LNG terminal itself.