EU waters down Russia sanctions over fears China could seize key LNG assets

The EU has watered down its latest round of sanctions on Moscow after concluding that banning Greek companies from transporting Russian gas to third countries could hand strategically important shipping assets to China.

To remove a Greek veto against the 21st package of measures aimed at hobbling Russia’s war machine, the bloc’s member states agreed to allow EU operators to continue transporting Russian liquefied natural gas (LNG) to third countries for one year.

Officials explained that China’s role in maritime finance and shipping was behind the carve-out, underscoring the leverage Beijing has built across many sectors of the global economy.

“The bulk of these vessels has been bought through financial arrangements with … a loan with a very long repayment schedule with Chinese investors, and the Chinese are also shareholders of the company,” a senior EU official explained.

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