Dynagas, a leading Greek shipping firm active in LNG, operates specialised ice-class tankers in its fleet that are designed to service the Yamal LNG project, which is privately owned in Russia’s Arctic. It said sanctions would drive business away from Western companies.
Russian company Novatek holds the majority stake in the Yamal LNG project while France’s TotalEnergies holds a 20 per cent stake as well as a 19.4 per cent stake in Novatek itself. The EU imported nearly all of Yamal’s LNG in the first half of 2026.
“It is not clear that the project is contributing substantially to Russian revenues in the way often portrayed in public debate,” Dynagas said in a statement.
“Requiring European operators to abandon long-term contracts will not disrupt trade. On the contrary, it will result in the transfer of strategic Arctic assets (ships) and know-how to non-Western operators.”