Ukraine: Europe shamed over Russia gas sanctions delay
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Mikhail Khodorkovsky suggests a European ban on Russian oil and gas imports would have a devastating impact on Putin’s war efforts in Ukraine. While the EU has sanctioned large areas of Moscow’s economy since the invasion began on February 24, Russia’s energy sector has remained largely untouched. A major reason for this lack of action is that the bloc relies on gas imports from Russia – amounting to 45 percent in 2021. It pays Putin £535 million a day for energy imports.
Speaking to BBC, Mr Khodorkovsky noted that Russia needs the EU as much the bloc relies on its energy, as it is Moscow’s largest buyer.
The exiled Russian oligarch said Putin would suffer a “very serious blow” if the EU stopped buying Russian oil and gas.
He said: “If Putin has to redirect oil and gas exports from the European to the Asian markets, he will lose over half of his revenue.
“Would he be able to continue the war and for how long would he be able to continue the war under those circumstances?
“It is difficult for me to say. But I think it would be a very serious blow.”
This comes as reports of the atrocities in Bucha by Russian forces have given European countries a new drive to ban Russian energy.
In its fifth round of sanctions, the EU banned the imports of Russian coal.
While the cheapest of the energy imports, Russian coal exports to Europe still cost the bloc a staggering €5.2billion (£4.3billion) in 2021.
With a ban on coal in place, the EU is expected to place limitations on the imports of Russian oil and natural gas in its sixth round of sanctions.
However, this embargo may not happen anytime soon, with the EU’s top diplomat Josep Borrell admitting that, so far, there is no consensus among member states.
Earlier today, German newspaper Die Welt quoted him saying: “At the moment, we in the EU do not have a unified position on this question.”
Mr Khodorkovsky said: “The West made the fatal mistake of becoming reliant on Russian energy supplies.
“Today the West has to pay for its mistakes.”
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The International Energy Agency has noted that, even though oil shipments from Russia to Europe have continued as a result of previous agreements, new deals are “drying up”.
The IEA said: “Buyers are avoiding Russian crude because of concerns about shipping safety, insurance and sanctions.
“Urals crude from Russia is being offered at record discounts, but uptake is limited so far, with Asian oil importers for the most part sticking to traditional suppliers in the Middle East, Latin America and Africa.”
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