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Editorial
Summary prepared by Hayk Sargsyan of CDI

The jailing of Mikhail Khodorkovsky and the imminent dismembering of his oil giant Yukos for a pittance have perked eyebrows in Europe and the U.S. But there are few signs so far that Western concerns are forcing Russian President Vladimir Putin to change course. Perhaps he will be influenced more by his slipping popularity at home. Russians are growing less sanguine as well, judging from reports of new capital flight, to the tune of $12 billion this year, and slowing capital investment.

If world leaders aren't watching the situation closely enough, their nations' investors certainly are. Foreign companies are clearly on the outside looking in when it comes to Yuganskneftegaz -- many of them could easily outbid Gazprom if allowed. They'll be loath to plunk down cash in other sectors of Russia’s economy if they fear similar governmental takeovers in the future.

So why is Mr. Putin apparently so oblivious to the risks he is running? Mr. Khodorkovsky's attorney, Yuri Schmidt, has two theories. First, the Kremlin has a "present from the devil" in oil prices now hovering around record highs -- masking weaknesses throughout the rest of Russia’s economy. Second, he says, Russian politicians have a long tradition of placing personal interests above the good of the nation, "and for money to be no object when gaining political advantage."

A man of Mr. Khodorkovsky's wealth and connections probably could arrange a relatively comfortable plea bargain. As with other oligarchs, his past record is not entirely spotless, notwithstanding his admirable latter-day attempts to turn Yukos into a Western-style company with transparent accounting and fair treatment of minority shareholders. But Mr. Schmidt doubts that his client would go that route, giving up any chance to play a future role in Russian politics.

Judging from the visit of his legal team to the U.S. last week, one of his tactics now is to attract more international attention to his plight and the general course that Putin's Russia is taking. He's having some success. Although George W. Bush has attempted to maintain good relations with Mr. Putin, the mood in Washington is souring.

Mr. Schmidt, a Russian with a long record in dealing with civil rights cases, says that Russian leaders are more sensitive to world opinion than they sometimes seem to be. We'd guess he's right about that. For that reason, Western nations are correct in showing their concern and displeasure about the steps Mr. Putin has taken to turn back the clock. If he heeds those cautions, he will be doing everyone a favor, including the Russian people, and especially himself.