{"id":5276,"date":"2012-01-24T16:40:47","date_gmt":"2012-01-24T23:40:47","guid":{"rendered":"http:\/\/www.crookedbough.com\/?p=5276"},"modified":"2012-01-24T16:38:29","modified_gmt":"2012-01-24T23:38:29","slug":"despite-sanctions-by-eu-us-irani-black-gold-turns-into-24k-gold","status":"publish","type":"post","link":"https:\/\/www.crookedbough.com\/?p=5276","title":{"rendered":"Despite Sanctions by EU & US, Irani Black Gold Turns into 24K Gold"},"content":{"rendered":"

Despite Sanctions by EU & US, Irani Black Gold Turns into 24K Gold<\/strong>
\n25 January, 2012 – Jafria News<\/p>\n

JNN 24 Jan 2012 Tehran : Despite fresh EU sanctions against Iran\u2019s oil exports,India has agreed to pay the price of crude oil it imports from Iran in gold, which makes it the first country to drop the US dollar for purchasing the Iranian oil. China has shown interest in Iran\u2019s oil with hiring at least two supertankers to ship oil from the country.<\/p>\n

According to a report published by DEBKAfile news website, unnamed sources have stressed that China is also expected to follow suit.<\/p>\n

India and China take about one million barrels per day (bpd), or 40 percent of Iran\u2019s total exports of 2.5 million bpd and both of them have huge reserves of gold.<\/p>\n

The report added that by trading in gold, New Delhi and Beijing enable Tehran to bypass the upcoming freeze on its Central Bank\u2019s assets and the oil embargo which the European Union\u2019s foreign ministers agreed to impose on Monday, January 23.<\/p>\n

The EU currently buys around 20 percent of Iran\u2019s oil exports.<\/p>\n

On the other hand, experts say the vast sums involved in these transactions are expected to boost the price of gold and depress the value of the dollar on world markets.<\/p>\n

\u201cAn Indian delegation visited Tehran last week to discuss payment options in view of the new sanctions. The two sides were reported to have agreed that payment for the oil purchased would be partly in yen and partly in rupees. The switch to gold was kept [in the] dark,\u201d the report stated.<\/p>\n

India is Iran\u2019s second largest customer after China, and purchases around USD 12-billion-a-year worth of Iranian crude, or about 12 percent of its consumption.<\/p>\n

Delhi is to execute its transactions, the report said, through two state-owned banks: the Calcutta-based UCO Bank, whose board of directors is made up of the Indian government, the Reserve Bank of India representatives, and Halk Bankasi (Peoples Bank) \u2014 Turkey\u2019s seventh largest bank which is owned by the government.<\/p>\n

US President Barack Obama signed into law, on December 31, 2011, new sanctions which seek to penalize other countries for importing Iran\u2019s oil or doing transaction with Islamic Republic\u2019s Central Bank.<\/p>\n

Foreign ministers of the European Union also imposed sanctions on Iran\u2019s oil imports over the country\u2019s peaceful nuclear program during their Monday meeting in Brussels. …more<\/a><\/p>\n

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Despite Sanctions by EU & US, Irani Black Gold Turns into 24K Gold 25 January, 2012 – Jafria News JNN 24 Jan 2012 Tehran : Despite fresh EU sanctions against Iran\u2019s oil exports,India has agreed to pay the price of crude oil it imports from Iran in gold, which makes it the first country to more \u00bb<\/a><\/p>\n","protected":false},"author":27,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[247],"tags":[2390],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/posts\/5276"}],"collection":[{"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5276"}],"version-history":[{"count":2,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/posts\/5276\/revisions"}],"predecessor-version":[{"id":5278,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=\/wp\/v2\/posts\/5276\/revisions\/5278"}],"wp:attachment":[{"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.crookedbough.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}