London Daily

Focus on the big picture.
Saturday, Sep 12, 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
UK Reviews Nationwide Emergency Alert Tests After Systems Meet Reliability Targets
UK Seeks Faster Rail Links Across Northern Industrial Corridors
British Business Bank Allocates £150 Million for High-Growth Companies in Northern England
BBC Warns Staff Strikes Are Possible Amid Pay Dispute and £500 Million Savings Drive
UK Backs Short Extension of UN Sudan Sanctions Regime
Prime Minister Andy Burnham Defends Early Prison Release Reforms and Growth Strategy
Reform UK Faces Scrutiny Over Alleged Effort to Circumvent Foreign Donation Rules
UK Analysts Warn Tax Rises or Spending Cuts May Be Needed to Preserve Fiscal Headroom
Jaguar Land Rover Plans Up to 4,000 Job Cuts in £1.7 Billion Cost-Saving Drive
UK Chancellor Warns of Difficult October Budget as Borrowing Costs Rise
UK Declares Israeli Occupation of West Bank Unlawful and Expands Sanctions
UK House of Commons Rejects Assisted Dying Bill for England and Wales
English Councils to Gain Power to Introduce Tourist Taxes by 2028
Kemi Badenoch Reshuffles Conservative Shadow Cabinet
Firefighters Make Progress Containing Major Wildfires in South Wales
John Lewis Partnership Reports £124 Million Loss
Study Says UK AI Data Centres Will Create Only a Quarter of Forecast Jobs
UK Government Considers Higher Industrial Water Prices Amid Supply Pressures
Andy Burnham Holds First Call With Donald Trump as UK Prime Minister
NHS Records Busiest Summer on Record as Heatwaves Drive Hospital Admissions
Home Secretary Orders Police Crackdown on Far-Right Anti-Migrant Vigilantes
UK Supreme Court Rules Northern Ireland Religious Education Curriculum Breaches Human Rights Standards
Markets Price in Four Bank of England Rate Rises by Next Summer
House of Commons Prepares Free Vote on Assisted Dying Bill
UK Government Bans Trade With Israeli Settlements in Occupied Territories
UK Economy Grows 0.4% in July as Artificial Intelligence Investment Supports Expansion
Andy Burnham Becomes UK Prime Minister After Keir Starmer Resigns
John Lewis Partnership Loss Widens to £124 Million
UK Government to Put White Working-Class Social Mobility at Centre of Equality Policy
McLaren Plans £450 Million Technology Investment Creating 1,000 UK Jobs
UK Chancellor Faces Calls for Wealth Taxes and Public Ownership in Autumn Budget
English Mayors to Gain Powers to Impose Uncapped Overnight Tourist Taxes
JPMorgan’s Jamie Dimon Warns UK Government Against Bank Windfall Taxes
UK Air Traffic Control Outage Cancels More Than 2,000 Flights
UK Imposes Trade Ban on Israeli Settlements in the West Bank
UK Borrowing Costs Surge as Middle East Tensions Push Long-Term Gilt Yields to Highest Since 1998
Buckingham Palace Says Prince Harry and Meghan Will Not Resume Official Royal Duties
UK Treasury Faces Calls to Scrap £100,000 Childcare Support Threshold
Trades Union Congress Urges Labour Government to Rewrite Migration Policy
Riot Police Deployed After Anti-Migrant Protests Turn Violent in Portsmouth
UK Considers Replacing Some Disability Cash Payments With Direct Services
JPMorgan’s Jamie Dimon Warns UK Chancellor Against Higher Banking Taxes
UK Announces New Sanctions Targeting Israeli Settlements in West Bank
Metropolitan Police Investigate Alleged Illegal Donations to Reform UK
UK Charges Wiltshire Man With Assisting Russian Intelligence
UK Orders Urgent Review After Air Traffic Failure Cancels More Than 2,000 Flights
Merz Rebukes AfD Expansion in Saxony-Anhalt
King Charles Confirms Prince Harry and Meghan Will Remain Private Citizens
Labour Selects Former Child Refugee for By-Election in Keir Starmer’s Former Seat
Foreign Private Equity Accelerates Takeovers of London-Listed Industrial Companies
×