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Iran Accepts Payment in Gold to Get Around Sanctions

Published: November 25, 2012
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Source: EPJ

Yet another reason the US government hates gold, unlike dealing with paper money in bank accounts, there is no way they can stop international trade in gold and it is difficult to track gold movements.

WSJ reports:

Turkey on Friday acknowledged that a surge in its gold exports this year is related to payments for imports of Iranian natural gas, shedding light on Ankara’s role in breaching U.S.-led sanctions against Tehran.

The continuing trade deal offers the most striking example of how Iran is using creative ways to sidestep Western sanctions over its disputed nuclear program, which have largely frozen it out of the global banking system.

The disclosure was made by Turkey’s Deputy Prime Minister and top economic policy maker Ali Babacan in answers to questions from the parliamentary budget committee.

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