Raikkonen, who was quickest on Friday, enjoyed an advantage of almost half a second in FP3 as his rivals failed to produce representative laptimes.
Teams were hesitant to hit the track given qualifying and Sunday's race will be held in different conditions, and it took 20 minutes for Carlos Sainz to end the wait for a laptime.
Sainz's 1m33.893s was never going to be a benchmark that stood for long, and Valtteri Bottas's supersoft-shod Mercedes quickly displaced the Renault with a 1m30.781s.
Lewis Hamilton could not better his teammate's time and lapped just under two tenths slower, allowing Red Bull's Max Verstappen to nip between the two Mercedes on soft tyres just after the half-hour mark.
Ferrari came to the fore with 20 minutes of the session remaining. Sebastian Vettel was first to strike, emerging from the pits after repair work to fix the right-hand side bargeboard's lower fixing, which he had broken on a kerb.
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