Greece is currently blocking new European Union sanctions against Russia to protect a single domestic shipping company, according to diplomats.

Athens has vetoed the new sanctions, demanding an open-ended exemption for Dynagas, a maritime transportation company owned by billionaire oligarch George Prokopiou.

Dynagas specializes in legally transporting Russian Liquefied Natural Gas (LNG) from the Arctic Yamal plant using five specialized ice-breaking tankers.

Greek officials argue the sanctions will not hurt Russia but will destroy Dynagas, resulting in 2,000 job losses. They also warn that pushing Dynagas out would simply hand European market share over to American, Japanese, and Chinese competitors.

European diplomats highlight that the Russian LNG shipped by Dynagas is primarily sold back to European markets, including France, Belgium, Spain, and the Netherlands.

Prokopiou, who has made a fortune shipping Russian crude oil and LNG, previously dismissed similar UK sanctions as a mere “annoyance.” With a one-week deadline to reach a compromise, there are currently no signs that Greece intends to back down.