January 24, 2012

Oil-for-gold: Iran to dodge US ban with metal shield?

The EU has delivered on its threat to ban the import of crude oil from Iran, in response to its nuclear programme. 

The latest round of sanctions prohibits any new oil contracts, while allowing for existing deals to run until July. But Tehran is apparently finding ways to keep business pumping.

Reports say Iran will keep supplying one of its biggest customers - India - but will get payment in gold instead of dollars.


Read also,
'India to buy Iran oil in gold not dollars' - PressTV

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