The U.S. Department of the Treasury has eased sanctions for 30 days to allow India to import Russian oil currently stranded at sea, as Iran closed the vital oil transit route of the Strait of Hormuz.
The Department of the Treasury said its Office of Foreign Assets Control is issuing Russia-related General License 133, "Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of March 5, 2026 to India."
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Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.