Greece warns EU Russia LNG sanctions could weaken Europe’s energy competitiveness
Greece has warned that tighter European Union sanctions on Russian liquefied natural gas could unintentionally benefit non-European competitors and reduce Europe’s influence in the global LNG market.
Athens raised concerns over a proposed sanctions package targeting Russia, arguing that restrictions on the transfer of Russian gas to third countries must be carefully designed to avoid creating economic disadvantages for European companies.
The warning comes after EU member states failed to reach an agreement on a new sanctions package aimed at increasing pressure on Moscow over its war in Ukraine. A group of countries, including Greece and Austria, opposed parts of the proposal for different reasons, according to diplomatic sources.
Greek officials said that while Athens supports measures intended to limit Russia’s economic capacity, sanctions should not result in European industries losing strategic market positions to competitors outside the bloc.
“Europe should not surrender entire sectors of economic activity or market share to non-EU players as an unintended consequence of its own sanctions policy,” one Greek government official said, emphasizing the need for a balanced approach between political objectives and economic competitiveness.
The issue is particularly significant for Greece, which plays a major role in the global LNG shipping industry. Greek-owned LNG carriers represent a substantial share of the world fleet, placing the country among the leading players in a sector dominated by competition from Japan, China, and the United States.
Athens argues that restrictions affecting LNG trade routes could reshape global energy flows in ways that benefit rival economies while limiting opportunities for European businesses.
The debate reflects the broader challenge facing the EU as it seeks to reduce dependence on Russian energy while maintaining affordable supplies and protecting industrial competitiveness. European governments have been attempting to balance geopolitical pressure on Moscow with concerns about energy security and market stability.
EU officials continue to examine possible measures against Russian LNG, with discussions focused on how to strengthen sanctions while avoiding unintended consequences for European companies and consumers.
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