London Daily

Focus on the big picture.
Friday, Oct 23, 2026

EU is sabotaging itself with Russian oil sanctions, Khodorkovsky warns

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
Piper Tomahawk Aircraft Crash Near Drymen in Stirling Claims Two Lives as Investigators Deploy
North Sea Transition Authority Approves Jackdaw Gas Field Production After Ministerial Authorization
Government Injects One Hundred and Forty Million Pounds to Expand Urgent Care Ahead of Winter Crisis
Department of Health Warns Further Pay Rises Will Derail National Health Service Waiting List Targets
Major Environmental Emergency Declared in South Wales Following Aerospace Kerosene Spill
Tank Barrel Production Returns to Britain as Defence Contractors Accelerate Domestic Rearmament
Government Approves Controversial Jackdaw Gasfield Development in the North Sea
National Health Service Maternity Safety Review Condemned Over Flawed Artificial Intelligence Integration
Dozens of United Kingdom Government Services Taken Offline Amid Critical Software Vulnerability
Barclays Announces Five Thousand Job Cuts Citing Artificial Intelligence Productivity Gains
Treasury Relaxes Post-Financial Crisis Accountability Rules for City of London Executives
United Kingdom Government Issues Unprecedented Guidance Urging Citizens to Stockpile Essential Supplies
United Kingdom Consumer Inflation Accelerates to Eleven-Month High Driven by Transport Costs
United Kingdom Public Sector Net Debt Breaches Three Trillion Pounds Ahead of Autumn Budget
Department for Science, Innovation and Technology Commits Fifty Million Pounds to Establish Regional Artificial Intelligence Innovation Clusters
Ofgem Directs Major Energy Suppliers to Expand Vulnerable Household Support Funds Ahead of Winter Heating Season
Home Office and National Police Chiefs Council Unveil New Intelligence-Led Strategy to Tackle Organised Immigration Crime Networks
First Minister John Swinney Secures Scottish Parliament Approval for Comprehensive Climate and Green Energy Infrastructure Strategy
National Health Service England and Trades Union Congress Finalize Agreement on Emergency Winter Staffing and Pay Frameworks
HM Treasury and Department for Business and Trade Announce Multi-Billion-Pound Sovereign Investment Pact to Spur Regional Advanced Manufacturing
Bank of England Governor Andrew Bailey Signals Potential for Faster Interest Rate Cuts as Domestic Inflation Pressures Ease Below Forecasts
Parliamentary Inquiry Highlights Urgent Need to Address Housing Shortage as Scottish Completions Hit Eleven-Year Low
United Kingdom and Singapore Sign Comprehensive Financial Agreement to Deepen Digital and Sustainable Market Ties
Greggs Announces Plan to Close Four Manufacturing Facilities and Cut Seven Hundred and Forty Jobs
International Monetary Fund Raises United Kingdom Economic Growth Forecast While Warning of Inflationary Pressures
Energy Security and Net Zero Committee Urges Government to Shift Policy Costs Onto Gas to Lower Household Bills
Housebuilding Across Scotland Plummets to Eleven-Year Low Despite Government Pledges to Tackle National Housing Emergency
Greggs Announces Factory Closures Across Northern England and Scotland Affecting Seven Hundred Forty Jobs
United Kingdom and Singapore Conclude Eleventh Financial Dialogue in Singapore to Deepen Cooperation on Digital Finance and Capital Markets
Energy Security and Net Zero Committee Urges Government to Shift Policy Costs to Gas Bills and Tap Windfall Profits to Lower Consumer Prices
British Broadcasting Corporation Announces Major Cost-Cutting Overhaul to Close Linear Broadcast Services for Television Channels BBC Three and BBC Scotland Alongside Digital Radio Station BBC Radio Four Extra
London Capital Markets Face Renewed Scrutiny After High-Profile Offerings Underperform Post-Listing
Green Party Wins Historic First Westminster Parliamentary By-Election in Gorton and Denton
Environment Secretary Emma Reynolds Unveils Sweeping Regulatory Overhaul for English Water Industry
United Kingdom Health Security Agency Confirms Thirty-Four Cases in Kent Meningitis Outbreak
Ministry of Defence Prepares Heat Pump Subsidy Cuts to Fund Urgent Military Modernization
British and European Union Officials Schedule Long-Awaited Bilateral Leaders Summit for November Twentieth
Bank of England Governor Andrew Bailey Urges Strict Fiscal Credibility to Protect British Bond Markets
United Kingdom Inflation Rises to Three Point One Percent Driven by Escalating Fuel Costs
Profit Warnings Among London-Listed Companies Reach Two-Year High Amid Global Energy Shocks
Chancellor John Healey Signals Targeted Tax Changes on Banks and London Corporate Offices Ahead of Budget
British Government Reallocates Twenty-Five Per Cent of International Climate Finance to Global Biodiversity Projects
Initial British Carbon Border Taxes Set to Undercut Parallel European Union Tariffs on Industrial Imports
Whitehall Prepares National Zero-Interest Loan Initiative to Accelerate Domestic Heat Pump and Solar Adoption
European Union Offers British Automakers Access to Hybrid Vehicle Trade Protections Subject to Strict Regulatory Alignment
British Probation Officers Threaten Widespread Industrial Action After Rejecting Five Per Cent Government Pay Offer
Microsoft Abandons Major British Artificial Intelligence Data Centre Citing Severe National Grid Power Constraints
United Kingdom Inflation Accelerates to Three Point Four Per Cent Ahead of Chancellor John Healey's Inaugural Autumn Budget
Surging Cloned Number Plates Severely Complicate Traffic Enforcement and Police Investigations
Mounting Opposition Challenges Planned Rollout of Autonomous Taxis Across London
×