India used the rupee instead of the US dollar to pay for Russian oil imports worth ₹1.38 lakh crore in March-May 2026, The Indian Express reported. The imported oil accounted for 7.1% of India's merchandise imports. The amount settled in rupees is higher than the rupee-settled amount in the entire financial year of 2024-25, which was ₹1.13 lakh crore.