SINGAPORE, Dec 8 (Reuters) – China is paying the biggest rebates in months for Russian ESPO crude amid weak demand and poor refining margins, although the effective prices that refiners are paying could exceed a price cap imposed by western countries this week.

The $60 a barrel cap set by the Group of Seven (G7), the European Union and Australia went into effect on Monday to limit Moscow’s power to fund its war in Ukraine, despite Russia’s oath to do so defy it.

China, Russia’s largest oil buyer,…

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