Tuesday, February 19, 2013

India buys Oil from Iran using Gold. Start of a trend?

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.

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