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Oil-for-gold: Will Iran dodge US Sanctions with metal shield?

January 26, 2012

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.

Tehran: ‘No one can sell oil if Iran cannot’

A senior Iranian official has dismissed as futile the latest EU sanctions on thecountry’s oil exports, adding that Tehran will not allow a condition to arise wherein others are allowed to sell oil and Iran is not.


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