China buying Russian oil above price cap – Bloomberg

Russia’s ESPO crude from the Far East is being sold above the Western-imposed $60 per barrel price cap in Asia, Bloomberg reported on Friday, concluding that Moscow might be using its own tankers and insurance to bypass sanctions.

The export price for ESPO grade for January deliveries was estimated at $67.11 by independent price information provider Argus Media on Thursday, and a number of China’s independent refiners that have already booked oil cargos for that month.

The price cap on Russian seaborne oil exports of $60 per barrel was introduced by the EU, G7 nations and Australia on December 5. It bans Western companies from providing insurance and other services to shipments of Russian oil, unless the cargo is purchased at or below the set price.

Traders familiar with the matter told Bloomberg that sales of ESPO crude above the…