Saudi Press

Saudi Arabia and the world
Saturday, Feb 22, 2025

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

Saudi Press
0:00
0:00
Close
Saudi Arabia and the United States Strengthen Ties Amid Global Developments
Saudi Arabia Hosts Global Conference to Promote Islamic Unity
The Impact of Artificial Intelligence on Education and Child Development
Saudi Arabia Announces Competition for Best Founding Day Outfits
Saudi-EU Food Security Officials Hold Talks to Strengthen Collaboration
Putin Expresses Gratitude to Saudi Crown Prince for Hosting US-Russia Talks
UK and Saudi Arabia Enhance Collaboration in Innovation and Technology
Denmark's Embassy in Riyadh Showcases Danish Cuisine with Saudi Influence
Saudi Artist Salman Al-Amir Unveils 'Tafawut' Exhibition in Riyadh
Saudi Arabia Offers Condolences to Kuwait Following Military Exercise Fatalities
Saudi Ministry of Islamic Affairs Completes Ramadan Preparations in Madinah
Etidal Secretary-General Hosts UN Counter-Terrorism Director in Riyadh
ADNOC Drilling Targets Over $1 Billion in Investments for 2025 Amid Gulf Expansion Plans
Derayah Financial Achieves Remarkable Growth in Saudi Brokerage and Asset Management
Saudi Arabia Shortlists 30 Firms for Mining Licenses in Eastern Province and Tabuk
Saudi Foreign Minister Engages Counterparts at G20 Meeting in Johannesburg
Oil Prices Decline Amid Rising US Inventories
Saudi Arabia's NDMC Plans Green Bond Issuance by 2025
Moody’s Affirms Egypt’s Caa1 Rating Amid Positive Economic Outlook
Oman and Saudi Arabia Strengthen Economic Ties with New Agreements
Saudi Arabia Investments Propel Expansion of Qurayyah Power Plant
Saudi Capital Market Authority Advances SPACs and Direct Listings
Global Energy Leaders Gather in Riyadh for Symposium on Energy Outlooks
Al-Ahsa Region Sees 500% Growth in Tourism as Saudi Arabia Prioritizes Development
Saudi Arabia Advances Entrepreneurial Ecosystem in Al-Ahsa with New Agreement
King Salman Approves Official Saudi Riyal Symbol
Saudi Credit Card Lending Reaches $8.4 Billion Amid Digital Payment Expansion
King Salman Approves Official Symbol for Saudi Riyal
Putin Thanks Saudi Crown Prince for Facilitating U.S.-Russia Discussions
Saudi Foreign Minister Attends G20 Meeting in Johannesburg
Saudi Arabia Prepares for Nationwide Founding Day Celebrations
Inauguration of Hira Park and Walkway Enhances Jeddah's Urban Landscape
Crown Prince Hosts Leaders for Informal Meeting in Riyadh Amid Gaza Rebuilding Plans
Saudi Official Highlights Achievements and Media's Role in National Transformation
Three Expatriate Women Arrested for Prostitution in Riyadh
Saudi Arabia's Diplomatic Evolution Highlighted at Saudi Media Forum
Healthy Eating and Preparation Essential for Ramadan Fasting
Saudi Arabia and Japan Forge Sustainable Textile Partnership
Advanced Limb Surgery Restores Mobility in Pediatric Cancer Patient
Jeddah Event Explores AI's Role in Boosting Saudi Arabia's SME Sector
UN Representative Highlights AI's Role in Perpetuating Gender Stereotypes
Saudi and Jordanian Leaders Discuss Enhanced Security Cooperation in Amman
Saudi British Society Honors Cultural Bridge-Builders at London Gala
Saudi Media Forum 2025 Explores AI's Role in Modern Journalism
Saudi Arabia's Saqer Al-Moqbel Appointed as WTO General Council President for 2025–2026
Saudi Deputy Ministers Engage in Diplomatic Discussions with U.S. and Dutch Officials in Riyadh
Saudi Arabia to Launch Iftar Program in 61 Countries During Ramadan
Saudi Visitors Expected to Spend £942 Million in UK During 2025
Saudi Arabia Gifts Kaaba's Kiswah to Uzbekistan's Center of Islamic Civilization
Digital Cooperation Organization Concludes Fourth General Assembly with Multiple Agreements
×