George Procopiou and Evangelos Marinakis, two major Greek shipowners, expressed concerns at the way the sanctions weapon is being wielded by Western powers against Russia.

“Sanctions have never worked,” Procopiou told a panel at Capital Link’s Maritime Leaders Summit, a Posidonia event, on Monday.

Calling the conflict between Russia and Ukraine “the biggest miscalculation of the century” and “a tragedy for humanity”, Procopiou pointed to the conclusions he drew from previous sanctions against Venezuela and Iran.