Fee to Ship Russian ESPO Oil Balloons Fivefold After Sanctions
- Rate to move crude from Kozmino to China climbs to $7 million
- Ships that serviced Russia’s western ports take up China trade
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The fee to ship Russian ESPO crude to China has spiked further, with rates now almost five times higher than what they were prior to US sanctions on Moscow’s oil industry earlier this month, according to traders.
The rate to move oil from Russia’s Pacific port of Kozmino on the east coast to China reached $7 million this week, said traders familiar with route, who asked not to be identified because the matter is sensitive. That compares with as much as $5.5 million last week and $1.5 million prior to US penalties.