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Tue Jan 24, 2012, 12:44 PM

India To Pay For Iranian Oil With Gold To Avoid U.S. Sanctions

Forex News | Yohay | Created: Jan 23, 2012 14:13 GMT; Last Modified: Jan 24, 2012 14:28 GMT

According to a new and yet unconfirmed report, India bought oil from Iran using gold. India certainly has the gold resources to fund the oil, while Iran is under pressure by the West, due the continuation of its nuclear program.

There were reports that officials have been floating this idea for some time, and now, as the EU finally decided upon an oil embargo on Iran, more details became available, yet still pend confirmation.

Oil is priced in US dollars, and bypassing the greenback posed challenges for both parties. Two banks are reportedly involved in this deal: India’s state owned UCO Bank and Turkey’s state owned Halkbank.

Both banks don’t have any business with the US and therefore are less vulnerable to sanctions. According to the report, an Indian delegation has spent time in Tehran and finalized the details of the transactions.

MORE...

http://www.forexcrunch.com/gold-for-oil-india-and-iran-ditch-dollar-report/

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Reply India To Pay For Iranian Oil With Gold To Avoid U.S. Sanctions (Original post)
Purveyor Jan 2012 OP
FreakinDJ Jan 2012 #1
Obamanaut Jan 2012 #2
Obamanaut Jan 2012 #3
Purveyor Jan 2012 #4
Poll_Blind Jan 2012 #5

Response to Purveyor (Original post)

Tue Jan 24, 2012, 12:49 PM

1. And the USA gives India Free Trade Agreements and H1B Visas because .....

we are playing 27th dimensional chess ????

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Response to Obamanaut (Reply #3)

Tue Jan 24, 2012, 06:47 PM

4. There was a day, not long ago, that this post would have garnered more that just 2 replies.

Perhaps interest will take off once the bombs on iran start raining out of the sky.

Of course...had I placed this in LBN, it would have been deemed 'off-topic' and locked.

Such is life nowdays.

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Response to Purveyor (Original post)

Tue Jan 24, 2012, 06:50 PM

5. More fallout from the stupid embargo which will accomplish little- except further cement...

...relationships between other countries and Iran.

PB

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