London Daily

Focus on the big picture.
Thursday, Mar 12, 2026

0:00
0:00

EU is sabotaging itself with Russian oil sanctions, Khodorkovsky warns

The Putin critic says Europe is harming its own finances when it should be pouring cash into arms for Kyiv.
Russian oil tycoon-turned-dissident Mikhail Khodorkovsky on Tuesday accused the EU of committing a massive blunder with oil sanctions against Moscow that are now undermining the 27-nation bloc economically rather than depleting the Kremlin's war chest.

Russia's former richest man said the EU should have secured alternative supplies before moving ahead with an embargo, or should have considered another approach entirely such as slapping tariffs on Russian energy rather than imposing an outright ban. By drilling a hole in its own finances, Khodorkovsky argued that Europe was now less able to pour cash into the all-important task of buying more weapons for Ukraine.

After one month of negotiations, EU member countries agreed to ban seaborne shipments of oil from Russia by the end of this year — equivalent to over 90 percent of imports — in late May.

“At the moment, energy sanctions are hurting Europe, not Russia," he said, speaking to POLITICO during his first trip to the EU since the war in Ukraine began. "My point of view was and remains the same — what on earth are you doing?"

Khodorkovsky, the former head of oil giant Yukos, spent 10 years in prison on what were widely seen as trumped-up charges after he became an outspoken critic of the Kremlin. Following his release in 2013, Khodorkovsky has campaigned to promote democracy and human rights in Russia through his Open Russia organization.

“The problem is that current Western politicians have never held talks with a gangster,” he said, referring to Russian President Vladimir Putin. “You can only start negotiating with him when he feels like he's in a weaker position."

Khodorkovsky, in Brussels for two days of meetings with EU officials and others organized by the Bratislava-based think tank GLOBSEC, argues the bloc could have better spent its cash on arms for Ukraine.

“How much has the West lost in revenue by introducing all kinds of energy sanctions? $100 billion, $200 billion?" he said. “Had Ukraine got at least $50 billion worth of weapons instead of $10 billion, the situation would be completely different now — without any energy sanctions being introduced.”

The EU marked down its growth predictions for this year by around 1 percent in April amid the war in Ukraine — equivalent to around €160 billion, based on recent GDP estimates from the International Monetary Fund. Meanwhile, the bloc is putting €2 billion toward arms for Ukraine.

In line with Khodorkovsky's thinking, several experts have argued that imposing tariffs would have been smart since redirecting oil to other countries with the infrastructure currently in place would have been difficult for Moscow. This means Russian energy companies would likely have absorbed the higher export costs to Europe, reducing their margins and ultimately cutting into Moscow's military budget.

Finally, the former billionaire said Europe should have made more concerted efforts to find alternative supplies for its oil and gas well before imposing sanctions. Instead, EU countries have had to replace Russian energy supplies by hurriedly negotiating ad hoc contracts.

“I was amazed when I discovered that there had been no agreement on any alternative supplies and then and [now] you're introducing sanctions?” Khodorkovsky said.
Newsletter

Related Articles

0:00
0:00
Close
Release of Mandelson Files Raises Tensions as UK Seeks Stable Relations With Donald Trump
UK Documents Reveal Starmer Was Warned About Mandelson’s Epstein Links Before Ambassador Appointment
Nearly Five Hundred UK Mortgage Deals Withdrawn in Two Days as Market Volatility Forces Lenders to Reprice
Three Cargo Ships Hit Near Iran as Attacks Spread to Strategic Strait of Hormuz
Why British Police Repeatedly Declined to Investigate Jeffrey Epstein’s UK Links
UK Parliament Ends Hereditary Seats in House of Lords, Closing Chapter on Centuries of Aristocratic Lawmaking
EU and UK Urge Israel to Act Against Rising West Bank Settler Violence Amid Regional Tensions
US Senator John Kennedy Says Keir Starmer Should Not Be Trusted for Military Advice Amid Iran War Debate
UK High Court Rejects Attempt to Revive Terrorism Charge Against Kneecap Rapper
Revolut Secures Full UK Banking Licence After Multi-Year Regulatory Wait
Kentucky’s Bench Boost Powers Wildcats Past LSU in SEC Tournament Opener
British Couple Die After Being Pulled From Water at Australian Beach During Family Visit
Global Energy Agency Announces Record Release of 400 Million Barrels to Stabilize Oil Markets Amid Hormuz Disruption
British Airways Suspends UK Repatriation Flights as Middle East Travel Disruption Deepens
US Forces Prepare Ordnance at RAF Fairford as Strategic Bombers Deploy for Middle East Operations
Nigel Farage Faces Criticism After Saying Britain Should Stay Out of Iran War
Landmark UK Trial Begins Over Sony’s PlayStation Store Pricing
UK High Court Rejects Bid to Challenge Britain’s Chagos Islands Agreement With Mauritius
Finnish Duo Triumphs in England’s Annual Wife-Carrying Race, Winning a Barrel of Ale
How U.S. and UK National Security Strategies Are Reshaping the Global Business Landscape
Green Party Gains Momentum as Labour Shifts Toward the Political Centre
Royal Navy Destroyer HMS Dragon Sets Sail for Eastern Mediterranean as Regional Tensions Rise
UK Homebuilder Persimmon Warns Iran Conflict Could Dent Property Buyer Confidence
Roman Abramovich Signals Legal Fight if UK Seeks to Seize Chelsea Sale Funds
UK Ready to Back Emergency Oil Reserve Release as Middle East Conflict Pushes Prices Higher
Study of 40,000 Articles Sparks Debate Over Alleged Anti-Muslim Bias in UK Media
US and UK Army Chiefs Strengthen Cooperation on the Future of Armored Warfare
Britain’s Search for the Next ARM Intensifies as Startups and Investors Target the Semiconductor Frontier
Three US Strategic Bombers Arrive at RAF Fairford as Iran Conflict Intensifies
Cancer Death Rates in the UK Fall to the Lowest Level on Record
UK Government Bond Yields Retreat Slightly After Sharp Spike Triggered by Middle East Conflict
UK Chancellor Warns Middle East War Could Push Inflation Higher
UK Prime Minister Warns Iran Conflict Could Drive Up Prices and Threaten Economic Stability
Trump Declines UK Offer to Deploy Aircraft Carriers to Middle East Amid Iran Conflict
Prince Harry and Meghan Markle to Return to Australia After Seven Years for Philanthropic and Business Engagements
UK Government Signals Independence From Washington as Cooper Says Britain Does Not Agree With Trump on Every Issue
UK Experts Warn AI Chatbots Are Fueling Surge in Claims of Organised ‘Satanic’ Ritual Abuse
UK Political Parties Divided Over Strategy as Iran Conflict Reshapes Foreign Policy Debate
Britain Discloses Secret Military Repair Hubs Operating Inside Ukraine
Trump Says US No Longer Needs UK Carrier Support After Delayed Offer Amid Iran Conflict
Why Britain Has Become Involved in the US-Israel Military Campaign Against Iran
UK Gas Storage Falls to Under Two Days as Iran Conflict Jolts Global Energy Markets
UK Warned to Brace for Economic Shock as Iran War Drives Global Energy Price Surge
Starmer and Trump Hold First Call After Public Dispute Over Iran Conflict
UK Dentists Returned £1.3 Billion to Government as Shift Toward Private Care Accelerates
Expert Warns UK Must Build Emergency Food Stockpiles to Prepare for Climate Shocks or War
UK Plans Charter Flight to Evacuate British Nationals from Gulf as Regional Conflict Disrupts Air Travel
Families of Zimbabwe’s Liberation Fighters Call on Britain to Help Locate Skulls Taken During Colonial War
Iran’s Ambassador Warns Britain to ‘Be Very Careful’ Over Deeper Role in Expanding Middle East War
UK Military Leadership Defends Britain’s Defensive Role in Expanding Middle East Conflict
×