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Tue Jan 24, 2012, 07:40 PM

Sanctions dodge: India to pay gold for Iran oil, China may follow

India has reportedly agreed to pay Tehran in gold for the oil it buys, in a move aimed at protecting Delhi from US-sanctions targeting countries who trade with Iran. China, another buyer of Iranian oil, may follow Delhi’s lead.

The report, by the Israeli-based news website DEBKAfile, states that Iran and India are negotiating backup alternatives with China and Russia, should the US and EU find a way to block the gold payment mechanism.

Delhi’s move is seen as surprising, as earlier India and Iran said they would switch to yen and rupees. China, another major importer of Iranian oil, may follow Delhi’s lead, the report adds.

India and China need to switch from the dollar in bilateral trade, since the US and EU have issued unilateral sanctions against the Iranian oil industry and financial institutions. The sanctions would ban any bank involved in oil trade with Iran from dealing with American and European counterparts.

http://rt.com/news/iran-india-gold-oil-543/

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Reply Sanctions dodge: India to pay gold for Iran oil, China may follow (Original post)
dipsydoodle Jan 2012 OP
Systematic Chaos Jan 2012 #1
VKaz Jan 2012 #2
davidpdx Jan 2012 #3

Response to dipsydoodle (Original post)

Tue Jan 24, 2012, 07:51 PM

1. Guess it's time for another "sternly worded memo?"

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Response to dipsydoodle (Original post)

Wed Jan 25, 2012, 01:36 AM

2. Good for them

 

China, Russia, and India - and indeed any sovereign, independent country should not give in to the outrageous demands of the US-UK-Israel axis and continue doing business with Iran as long as it's in their interest to do so.

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Response to dipsydoodle (Original post)

Wed Jan 25, 2012, 08:29 AM

3. China doing that doesn't surprise me.

I'm a little shocked India does. Either way they'll pay the price in sanctions against their companies.

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