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The Grand Turk
Turkey Swaps Gold for Iranian Gas
2012-11-24
ISTANBUL—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.

Tehran has sought alternative means of payment for energy exports—its main foreign currency earner and economic lifeblood—including renminbi and rupees, as well as gold, in an attempt to skirt international sanctions and pay for its soaring food costs.

Analysts cautioned that although the trade with Iran wasn't illegal, Ankara wanted to keep details out of the public eye for fear of raising the ire of Washington, which is leading the international push against Tehran for its alleged push to develop nuclear weapons.

Turkey sold $6.4 billion of gold to Iran in the first nine months of this year, up from just $54 million in 2011, according to official data, tripling Ankara's exports to its eastern neighbor.
Posted by:Anguper Hupomosing9418

#3  Hell we got the Germans, why not the Persians?
Posted by: Shipman   2012-11-24 15:43  

#2  I'm sure obooble believes he'll be able to confiscate their gold too...
Posted by: M. Murcek   2012-11-24 10:39  

#1  more hard currency flowing into the nuke program.
Posted by: Raider   2012-11-24 10:06  

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