Russia’s ESPO oil blend from the port of Kozmino was selling for around $79 a barrel on Monday, nearly 32 percent higher than the $60 price cap enforced by a coalition of Western nations—a retaliatory measure to curb Moscow’s ability to finance its invasive war in Ukraine.
The ESPO blend was trading in Asian markets at that price level, according to Refinitiv data from Reuters, defying the Western price cap. Russia exports up to 65 million tons of the blend through the Eastern Siberia-Pacific Ocean (ESPO) pipeline, including up to 35 million tons through Kozmino, according to the outlet. Russia, the second-largest oil exporter in the world, refused to abide by the enforcement and has threatened to cut production….