India will be the top importer of Russia's Urals crude oil in December for the second consecutive month, according to traders and Refinitiv data.

• Volumes and India's share of the exports are expected to rise month on month despite a shorter loading plan for Russia's Western ports, traders said.
• In November, India accounted for about 53% of the total Ural tanker shipments, the highest level on record. India’s share may be exceeding 70% of total loadings in December, according to market participants.
• India is buying the Urals crude at deeper discounts this month well below the $60/bbl G7/EU price cap.
• At least 2mn tons of the Urals has already been sent to India, while market players expect the monthly volume to jump as more shipping data emerges.