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Greece warns that EU sanctions against Russia could lead to a loss of LNG market share by rivals

Two Greek government officials stated on Friday that Greece objected to a'sanctions package' against Russia and warned the EU about a possible loss of market share by non-EU competitors if a ban was imposed on the transfer of Russian 'gas' to third countries. Two sources claim that European Union envoys were unable to reach an agreement on Wednesday on the 21st package against Russia because a number of countries, including Greece and Austria, objected.

Lithuanian Foreign Minister Kestutis Budrys said on Monday that EU countries are undecided about tightening restrictions against Russian liquefied gas.

Greece dominates Europe's market for LNG carriers and is one of the largest players in the world, competing with Japan, China and United States.

One of the officials said: "From Athens’ perspective, any new restrictive package must be carefully calibrated in order to maximise pressure on Moscow, while minimising unintended consequences for European consumers, businesses, and competitiveness."

As a result of its sanctions policy, Europe should not be able to surrender entire economic sectors or market shares to non-EU actors. The official stated that sanctions should be designed to erode Russia's economic capability, not create strategic windfalls at the expense of Europe.

Due to the sensitive nature of the issue, both?officials as well as the two sources spoke under the condition of anonymity.

The EU has pushed the talks on the 21st package of sanctions to July 23. Until then, the price of Russian oil will remain at $44.10 per barrel.

(source: Reuters)