The cost of transporting Russian ESPO crude to China has more than tripled since the US imposed sanctions on Moscow’s oil industry last week, according to Bloomberg, and prices are expected to rise further, according to traders.

Fare prices for transportation oil ESPO from the port of Cozmino on its east coast of Russia in China between 5 and 5.5 million were launched. dollars on Monday, compared with $1.5 million before the sanctions, said traders with knowledge of the matter, who spoke to the international agency on condition of anonymity.

The US widened its tanker sanctions, targeting two Russian companies that handle more than a quarter of Russia’s seaborne exports, as well as insurers and traders. The fleet of blacklisted ships handled about 22% of the crude transported by sea in 2024, according to the International Energy Agency.

There was an immediate impact from the sanctions, with ships carrying cargoes of ESPO and another Russian crude grade – Sokol – lying idle off the Chinese coast, according to vessel tracking data. ESPO has been a favorite of China’s refiners because of its short transportation distance.

The majority of tankers plying the route between Cosmino and China are Aframaxes, which have a capacity of 750,000 barrels.