Archive · 24 Jul 2026
India Pays $15 Billion in Rupees for Russian Oil Imports
India has been paying for its imports, especially oil from Russia, in rupees instead of dollars.
This is because the rupee has been losing value, and paying in rupees helps keep the exchange rate stable.
Over three months, India paid about $15 billion in rupees for imports, which is a lot more than before.
This is mainly because India has been buying more oil from Russia.
The US has given some waivers to allow this trade to continue.
Paying in rupees also helps India save on foreign currency.
However, the weakening rupee makes imports more expensive.
India paid Rs 1.38 lakh crore ($14.6 billion) in rupees for imports in March-May 2026.
This accounted for 7.1% of India's total merchandise imports during this period.
The payments were primarily for Russian oil imports, which surged due to US sanctions waivers.
India's Russian oil imports amounted to $17.13 billion in March-May 2026, up 30% year-on-year.
Paying in rupees helps reduce the outflow of foreign currency and stabilize the exchange rate.
- Who
- India and Russia
- What
- India paid $15 billion in rupees for imports, primarily Russian oil
- When
- March-May 2026
- Where
- India
- Why
- To reduce the outflow of foreign currency and stabilize the exchange rate amid geopolitical developments
Economic Benefits of Rupee Payments
Concerns Over Rupee Depreciation
Economic Stability
Economic Benefits of Rupee Payments
Paying for imports in rupees reduces the outflow of foreign currency and helps stabilize the exchange rate.
Concerns Over Rupee Depreciation
The depreciation of the rupee increases the cost of imports, making it more expensive for importers.
- Period
- March-May 2026
- Amount in Rupees
- Rs 1.38 lakh crore
- Equivalent in Dollars
- $14.6 billion
- Percentage of Total Imports
- 7.1%
- Previous Three Months (Dec 2025-Feb 2026)
- Rs 42,506 crore (2.4% of total imports)
- Russian Oil Imports (March-May 2026)
- $17.13 billion
- Trade Deficit (2025-26)
- $119 billion