The EU adopts its 21st sanctions package on Russia as Greece secures a one year exemption for shipping Russian LNG

The European Union agreed on Thursday, 23 July 2026, on its 21st package of sanctions against Russia. The package imposes new restrictions on the Russian banking sector.

At the same time, following a request from Greece, the package includes a one year exemption with automatic renewal that allows European companies to continue transporting Russian liquefied natural gas to third countries, but only under contracts concluded before 24 February 2022. Under the arrangement, existing activities are preserved while European operators may not undertake new ones, effectively freezing transport volumes at current levels, and the EU Council will be able to review the exemption annually.

Athens had argued that a full ban on transfer services for Russian LNG to third countries would do little to cut Moscow's revenue and would simply hand market share to non European competitors while reducing European oversight. For an Iranian audience the case is instructive because it shows how energy sanctions regimes are softened in practice through contractual carve outs.