EU Sanctions Package Faces Resistance from Member States

The European Union is facing opposition to its latest proposed Russia sanctions package from several member states. These countries are seeking exemptions or changes that would protect their own economic interests, according to the Financial Times.

Greece, France, Italy, Germany, Austria, and Portugal have all reportedly asked for modifications to the bloc's proposals, which target Russia's energy, financial, crypto, trade, and fisheries sectors. The package also includes a ban on Russians who served in the military since February 2022 from entering the EU.

New sanctions require unanimous backing, but diplomats say that EU governments are becoming less willing to accept the economic costs of sanctions to support Ukraine. 'The moral imperative is functioning less and less,' said one diplomat. 'Capitals all agree on tough rhetoric and talk of solidarity, but then it all melts away.'

Greece has refused to approve the package unless it secures an exemption allowing its shipping companies to continue transporting Russian liquefied natural gas (LNG) to non-EU countries. Athens argues that a ban would disproportionately hurt Greek shipping interests, including Dynagas, which has transported over 30 million tons of LNG from Russia's Yamal project since 2022, worth more than $24 billion.