EU Grants Dynagas Exemption to Transport Russian LNG Amid Sanctions Package

The European Union has granted an exemption to Greek shipping line Dynagas, allowing it to continue transporting Russian liquefied natural gas (LNG) despite EU sanctions. The concession was made as part of a compromise to push through the bloc's 21st sanctions package against Russia.

The EU had initially proposed banning European companies from delivering Russian LNG to third-country buyers, but Athens argued that this would only result in business being transferred to other countries and not lower Russia's export revenues. Dynagas operates specialized ice-class LNG vessels that serve the Yamal LNG project in northern Russia.

The exemption comes with a cap on LNG volumes at 2025 levels, and Greece has agreed to extend a price cap on Russian oil at $44.10 a barrel for one year. This is less than half of current prices, which are hovering around $95 a barrel.