Following Financial Times reports regarding potential EU sanctions on Russian LNG, Dynagas, the leading Greek shipping company listed on the US stock exchange—issued a critical statement, initially expressing its sincere wishes for a swift end to the war in Ukraine.
The company warns that a total ban on transshipping Russian LNG to third countries risks becoming a "self-inflicted wound" for European maritime capacity. It argues such measures would strip Europe of strategic Arctic navigation expertise, employment, and global influence, without achieving the intended geopolitical goals or significantly reducing Russian revenues.
Dynagas’s highly specialized "ice-class" LNG carriers operate under long-term charters signed in 2015–2016 with the Yamal LNG project, holding legally binding commitments that extend until 2065. Yamal LNG is an international venture with substantial European involvement; France's TotalEnergies holds a 20% stake, while major European energy firms, including Germany’s SEFE and Spain’s Naturgy, are key off-takers. Since Novatek owns 50.1%, the project's actual contribution to Russian state revenues is highly debatable.
The statement highlights that forcing European operators to abandon long-term contracts will not halt the trade. Instead, it will transfer strategic Arctic assets and expertise to non-Western operators, who will continue transporting LNG at a lower cost. Consequently, the flow will persist, while Europe permanently loses capabilities built over decades. Dynagas urges EU policy makers to adopt a pragmatic approach balancing geopolitical aims with maritime survival, praising the Greek government's alignment with this direction.
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