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

Bloc concludes banning Greek companies from transporting Russian gas to third countries may hand strategic shipping advantages to Beijing

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.

“So, if the company will not be able to repay the loan thanks to what they get in terms of revenues from the business, they will simply need to lose control of assets and give it back to the investor,” they added, describing the situation as “very serious” and “a very big risk”.