Turkey skirting Iran sanctions by trading gold for crudeSubmitted by Bob-45 on Fri, 07/13/2012 - 17:54
BY: Adam Kredo - July 12, 2012 12:29 pm
Turkey has exchanged nearly 60 tons of gold for several million tons of Iranian crude oil, despite its promises to uphold Western sanctions on Iran’s energy sector, according to recent Turkish reports.
By using gold instead of money, Turkey is able to skirt Western sanctions on Iran’s oil trade, particularly those pertaining to SWIFT, the global money transfer service that until recently assisted the Central Bank of Iran and other Iranian financial institutions.
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