Greek Oligarch Blocks EU Sanctions Against Russia's Energy Sector

George Prokopiou, a Greek shipping magnate born in 1946, has been accused of using his influence to protect Russia's interests despite the war in Ukraine. Prokopiou, who owns Dynacom Tankers and Dynagas among other companies, controls dozens of tankers and LNG vessels that transport Russian oil and liquefied natural gas.

When the European Union proposed a ban on transporting Russian LNG to third countries such as China and India, Greece refused to support the sanctions package. The dispute highlighted Prokopiou's significant influence over European sanctions policy and the power of Greek shipowners in shaping EU decisions.

The EU eventually agreed to a one-year exemption for contracts signed before February 2022, allowing Athens to lift its veto and approve the sanctions package. This compromise demonstrated the strong influence of Greek shipowners, with Prokopiou being one of the most influential figures, over European sanctions policy.