Greece warns that EU sanctions on Russia could lead to a loss of LNG market share to competitors.

Greece, which opposed the terms of a sanctions package against Russia this week, cautioned the EU that a ban on the transfer of Russian gas to third countries could lead to a loss of market share to non-EU competitors, according to two Greek officials.

On Wednesday, European Union envoys were unable to reach an agreement on a 21st sanctions package against Russia for its actions in Ukraine, as several countries, including Greece and Austria, raised objections for various reasons, according to two sources.

Lithuanian Foreign Minister Kestutis Budrys stated on Monday that EU nations were uncertain about imposing tighter restrictions on Russian liquefied natural gas. Greece holds a leading position in Europe’s LNG carrier market and competes globally with major players like Japan, China, and the United States.

"From Athens' viewpoint, any new set of restrictive measures should be carefully designed to exert pressure on Moscow while avoiding unintended repercussions for European businesses, consumers, and competitiveness," one government official told Reuters. The official added, “Europe must avoid losing entire sectors of economic activity or market share to non-EU entities as a side effect of its sanctions policy. The goal of sanctions should be to weaken Russia's economic capacity, not to create strategic advantages for others at Europe's cost.”

Both officials and the two sources requested anonymity due to the sensitive nature of the topic. EU envoys postponed discussions on the 21st sanctions package against Russia to July 23, maintaining the current price cap on Russian oil at $44.10 per barrel until that date.