EU Sanctions Package Includes Limited Exemption for Russian LNG Transportation

Greece has secured an exemption for European companies transporting Russian liquefied natural gas (LNG) to third countries under contracts concluded before February 24, 2022.

The agreement is part of the EU's 21st sanctions package against Moscow and aims to prevent a complete ban on EU companies providing transportation services for Russian LNG.

Greece opposed earlier versions of the package that proposed a broader ban, arguing it would not substantially reduce Moscow's energy revenues but instead transfer market share to non-European competitors and reduce EU oversight of Russian LNG shipments.

The exemption allows European operators to continue transporting Russian LNG under existing contracts, effectively freezing transportation at current levels. The EU Council will review the exemption annually.