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International News Title: India to pay gold instead of dollars for Iranian oil India is the first buyer of Iranian oil to agree to pay for its purchases in gold instead of the US dollar, debkafile's intelligence and Iranian sources report exclusively. Those sources expect China to follow suit. India and China take about one million barrels per day, or 40 percent of Iran's total exports of 2.5 million bpd. Both are superpowers in terms of gold assets. By trading in gold, New Delhi and Beijing enable Tehran to bypass the upcoming freeze on its central bank's assets and the oil embargo which the European Union's foreign ministers agreed to impose Monday, Jan. 23. The EU currently buys around 20 percent of Iran's oil exports. The vast sums involved in these transactions are expected, furthermore, to boost the price of gold and depress the value of the dollar on world markets. India thus joins China in opting out of the US-led European sanctions against Iran's international oil and financial business. Turkey announced publicly last week that it would not adhere to any sanctions against Iran's nuclear program unless they were imposed by the United Nations Security Council. debkafile's intelligence sources disclose that Tehran has set up alternative financial mechanisms with China and Russia for getting paid for its oil in currencies other than US dollars. Both Beijing and Moscow are keeping the workings of those mechanisms top secret.
Poster Comment: If the US gov had to use gold to buy their oil, they'd be out of gas very soon. I don't mind the bureaucrats in DC freezing with no heat, but the military would also be dead in the water. Obama would heat the abortion clinics before he gave any fuel to the military. How long until the gov can't afford fuel? Poppy Bush and Clinton sold all of our gold to China, didn't they?
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