by John Daly, Oil Price:
First begun in 1979 following the seizure of the U.S. embassy in Tehran, Iran is now subject to three differing sets of sanctions ? the U.S., the European Union and the United Nations. Implemented over fears of covert nuclear weapons development hidden in Iran?s civilian nuclear energy program, the tightening sanctions have forced both Iran and its energy importers to get creative about financing.
Iran currently provides 44 percent of Turkey?s oil imports and Turkey is Iran?s biggest natural gas customer. The sanctions legislation has hit hard Turkey?s abilities to pay for its Iranian natural gas imports, so Tehran and Ankara came up with a circuitous plan to allow Turkey to pay in gold bullion.
Because U.S. sanctions prevent Turkey from paying in dollars or Euros, Turkey has been paying Iran for its imports in Turkish Liras. Iranians then use those liras, held in Halkbank accounts, to buy gold in Turkey, and couriers carry the bullion to Dubai, where it can be sold for foreign currency or shipped to Iran. According to Turkish Statistics Institute (T?K) data, in February Turkey exported almost $120 million in gold to Iran and in March Turkish gold exports to Iran soared to almost $381 million.
Read More @ OilPrice.com
Source: http://sgtreport.com/2013/07/iran-gets-creative-over-energy-payments-from-turkey-and-pakistan/
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