A binuclear cobalt–radical complex formed by the reaction of Co(hfac)2·2H2O (hfac = hexafluoroacetylacetonate) with the 2,2-bis(1-oxyl-3-oxide-4,4,5,5-tetramethylimidazolinyl) biradical (BR) has been synthesized. The complex {(hfac)CoII(BN)CoII(hfac)} crystallizes in the triclinic space group P1¯ : C34H28Co2F24N4O12, a = 11.1513(5) Å, b = 12.8362(7) Å, c = 18.2903(8) Å, α = 103.061(1)°, β = 100.898(2)°, γ = 102.250(1)°, Z = 2. The compound consists of two non-equivalent pseudo-octahedral CoII ions, each bearing two hfac ancillary ligands bridged by the tetradentate bis-nitroxide (BN). The temperature dependence of the magnetic susceptibility indicates a strong antiferromagnetic exchange between each of the Co2+ ions and the nitroxyl biradical, as well as between the spins within the bridging ligand, forming a spin-frustrated system. Micro-squid investigations, performed on a single crystal of {(hfac)CoII(BN)CoII(hfac)}, reveal a peculiarity of the M(H) graph at temperatures below 0.4 K displaying a step that is a result of ground and first excited levels mixing by the applied magnetic field due to a small energy gap between them, as inferred from ab initio calculation. The latter was also carried out for two models of mononuclear Co2+ complexes in order to obtain a set of initial parameters for fitting the experimental magnetic curves using the Phi program. Moreover, direct CAS(12,10)/def2-TZVP calculations of the magnetic dependences χT(T) and M(H) were performed, which satisfactorily reproduced the experimental ones.