Greece’s veto of the EU’s 21st sanctions package forced Brussels to reconsider its approach. Athens opposed a ban targeting its shipping firms, especially Dynagas, which transports Russian liquefied natural gas (LNG) to non-EU countries. This led to a revised deal exempting Greek LNG shipping but weakening the overall sanctions.
Breaking Sanctions into Smaller Chunks
The EU’s sanctions require consensus from all member states, meaning any one country can block the entire package. Greece’s move exposed this vulnerability clearly. To avoid future deadlocks, the EU plans to split large sanction bundles into smaller, more focused measures. This allows countries to object to specific sectors without derailing unrelated sanctions.
Consequences for Crypto and Other Industries
The latest sanctions effort included new restrictions on cryptocurrency networks alongside banks and military targets. With the new method, crypto-related sanctions could be voted on separately, preventing shipping-dependent countries from blocking them. Yet, Greece’s success shows powerful industries can still fight exemptions, implying crypto lobbyists might seek similar deals. Whether they have the same clout remains uncertain.
Smaller sanction packages also mean faster, more flexible responses to Russian actions. The EU’s shift marks its first major sanctions strategy overhaul since 2022. It could reshape how targeted economic pressure is applied moving forward.
