PARIS (Realist English). French TotalEnergies has become one of the main beneficiaries of the exemption that Greece secured in the EU’s 21st sanctions package.
According to the Financial Times, the company will retain the ability to supply liquefied natural gas (LNG) from Russia’s Yamal LNG project to Asian countries and other destinations outside the EU.
Greek Veto and 12-Month Moratorium
Greece, which operates the world’s largest merchant fleet, blocked the agreement on the 21st sanctions package for weeks, demanding exemptions for its shipping companies, including Dynagas, owned by Greek billionaire George Prokopiou.
In the end, Brussels granted a 12-month exemption with the possibility of extension, allowing European operators to continue transporting Russian LNG to third countries. Shipping volumes are capped at 2025 levels.
Athens argued that a ban on transporting Russian LNG by European companies would not reduce Moscow’s revenues but would merely hand market share to competitors from China and other countries. The EU, for its part, agreed with this reasoning: as one official explained, otherwise the transportation would simply come under the control of Chinese operators.
TotalEnergies’ Position: “We Will Continue as Long as There Are No Sanctions”
TotalEnergies CEO Patrick Pouyanné has repeatedly stated that the company will continue transporting Russian LNG as long as there are no European sanctions. On July 23, commenting on the outcome of the 21st package, he expressed hope that the European Commission would take into account the interests of European companies.
According to him, TotalEnergies is involved in two types of activity related to Yamal LNG: as a 20% shareholder in the project and as a gas marketer under a long-term contract for 4 million tonnes per year.
The second business, Pouyanné said, “takes place outside Russia” through British and Swiss legal entities and generates $300–400 million per year.
“We will continue to supply LNG from Russia as long as there are no sanctions or pressure from Europe, because we are contributing to Europe’s supply security,” he said. “If there are sanctions, we will stop immediately.”
Yamal LNG and the European Market
Yamal LNG is a joint venture in which Russia’s Novatek holds 50.1%, TotalEnergies — 20%, China National Petroleum Corporation — 20%, and the Silk Road Fund — 9.9%.
Despite the declared course of moving away from Russian gas, the EU continues to increase LNG imports from Yamal. In the first half of 2026, Europe purchased record volumes. A full ban on Russian LNG imports into the EU only takes effect on January 1, 2027, and on pipeline gas from September 30, 2027.
The exemption for Greek shipowners and LNG operators will likely allow TotalEnergies to continue supplying Yamal LNG to third countries at least until the end of 2027.
At the same time, the company has already begun its exit from another Russian project — Arctic LNG 2: in July 2026, TotalEnergies received Kremlin approval to sell its 10% stake to Novatek.
According to the FT, Brussels’ decision was the result of a compromise that could reshape the entire EU sanctions strategy: for the first time since 2022, the interests of a single company and national business were placed above pan-European solidarity.
