Evangelos Mytilineos, executive chairman of the FTSE 100-listed energy group Metlen Energy & Metals, has urged Europe to continue purchasing Russian gas despite forthcoming EU bans, warning that such restrictions could exacerbate the continent’s energy crisis. In an interview conducted in September 2026, Mytilineos highlighted the challenges facing the European gas market including low storage levels, supply disruptions caused by the ongoing conflict in Ukraine, and the Gulf war's impact on Qatari supplies.
Mytilineos, who leads Metlen—a Greek conglomerate active in energy, metals, and defense with significant gas trading operations in Southeast Europe—described the market as “cornered” ahead of the winter season. He forecasted significant price shocks rather than outright shortages, noting Europe’s relative wealth allows it to absorb higher costs, unlike developing countries such as Bangladesh.
Metlen’s chairman also criticised the EU’s scheduled bans on Russian liquefied natural gas (LNG) imports from January 2027 and pipeline gas from October 2027. He claimed these measures, which reduce access to cheaper "neighboring" Russian gas, would undermine heavy industry in countries like Germany. Mytilineos confirmed that Russia still accounted for about 12 percent of EU gas imports in 2025 and noted that Metlen continued to purchase Russian pipeline gas.
Addressing Russia’s ongoing invasion of Ukraine, Mytilineos framed the issue as political and disputed the effectiveness of EU energy sanctions. He suggested even Ukrainians were opposed to the restrictions, arguing the cuts had failed to diminish Russia’s capacity for war over the past four years. This perspective contrasts with statements from Ukrainian President Volodymyr Zelensky, who has consistently condemned European purchases of Russian energy, and with intelligence implicating Ukraine in sabotage of the Nord Stream pipeline.
Reflecting on Metlen’s first year since its London primary listing in August 2025 and subsequent entry into the FTSE 100, Mytilineos acknowledged setbacks including a profit warning and delayed annual results—some attributed to external audit issues with PwC, which declined to comment. He described the experience as a “hazing” process adapting to stricter compliance standards on the London Stock Exchange compared to the Athens market.
Mytilineos also defended his role as executive chairman, a rarity in the FTSE 100 where non-executive chairs are standard, noting that CEO Christos Gavalas, appointed in January 2026, now manages key functions such as human resources and legal affairs. He expressed confidence Metlen meets UK corporate governance standards despite earlier scrutiny regarding accounting disclosures.
On the broader investment climate in London, Mytilineos lamented the ongoing outflow of companies to the United States, attributing this trend to the UK’s uncertain economic direction. He questioned whether Britain is embracing socialism or capitalism, warning that fears about new taxes under the Burnham administration are deterring business. He urged Prime Minister Rishi Sunak to prioritise restoring London’s competitiveness as a global financial centre, advocating for removal of stamp duty on share purchases and tax relief for high earners and major corporations, arguing such policies benefit the wider economy.
While supporting the UK government’s green energy transition—citing opportunities for Metlen in infrastructure development—Mytilineos cautioned that progress is hampered by delays and expressed reservations about scaling back North Sea oil and gas production, underlining the importance of securing stable energy supplies.