Monday, January 23, 2012

DEBKAfile: India and China to bypass US embargo by paying gold for Iranian oil

DEBKAfile Exclusive Report January 23, 2012, 5:57 PM (GMT+02:00)

India has agree to pay for its purchases of Iranian oil in gold instead of the US dollar, according to exclusive DEBKAfile's intelligence and Iranian sources.

Those sources expect China to follow suit.

India and China require about one million barrels per day, or 40 percent of Iran's total exports of 2.5 million bpd. Both countries have extensive gold assets.

By trading in gold, New Delhi and Beijing will bypass the upcoming freeze on its central bank's assets and the oil embargo which the European Union's foreign ministers agreed to impose on Jan. 23.


graphic source: Wealth Daily

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