Jailed tycoon Khodorkovsky in court on new charges

* Embezzlement and money laundering charges

* Case will be closely watched by investors

* Lawyers say client is a political prisoner

By Guy Faulconbridge

MOSCOW, March 3 (Reuters) - Jailed tycoon Mikhail Khodorkovsky goes on trial on Tuesday to face new charges of embezzlement and money laundering in a case his lawyers say will test President Dmitry Medvedev's promises to reform Russia.

The fate of Khodorkovsky, who fell foul of the Kremlin under former President Vladimir Putin and was jailed in Siberia for tax evasion and fraud, is being closely watched by investors hoping for a milder tone under Medvedev.

Khodorkovsky says he is the victim of corrupt officials who feared his political ambitions and wanted to carve up his YUKOS business empire, which produced more oil than OPEC member Qatar.

The 45-year-old former tycoon, once ranked as Russia's richest man, was brought to Moscow this month from a prison in a remote town near the Chinese border to face new charges at a preliminary court hearing in the capital.