Urals crude defies EU price cap at Baltic Sea ports

However, winter weather and more sanctions on Russian oil shippers have pushed up freight rates for oil deliveries, weighing on the grade's price, traders said, which could push prices below the new cap.

Freight costs for Urals loading in February at the Baltic ports of Primorsk and Ust-Luga for transport to India rose to $9 million for Aframax tankers from about $8 million per one-way voyage in November and December last year.

On Wednesday, the latest available assessment data showed the Urals oil price for cargoes loading at Primorsk was at $44.14 a barrel, only slightly above the new price cap.

(Reporting by Reuters Editing by David Goodman)