TEHRAN, YJC.-- Iran and Turkey have resumed their trade of gold for natural gas and made a USD-120-million deal in February, circumventing tough US sanctions against Tehran over its nuclear energy program.
exported almost USD 120 million worth of gold to Iran in February after
it announced a moratorium in January, Reuters reported.
Data from the Turkish Statistics Institute (TUIK) showed that Ankara
sold no gold to Tehran in January as banks and dealers implemented the
February 6 US sanctions targeting Iranian oil revenues.
The US and its European allies have imposed illegal unilateral
sanctions against the Islamic Republic based on the unfounded accusation
that Iran is pursuing non-civilian objectives in its nuclear energy
On February 6, 2013, the US Treasury Department announced new sanctions
targeting Iranian oil revenues. The sanctions prevent Iran from gaining
access to earnings garnered from its crude exports.
One Istanbul gold trader asking not to be named, said, "Due to the
sanctions, nobody wants to attract attention. That may be the reason why
exports stopped to Iran in January."
"However, trade with Iran continues; there will always be transfers," the Turkish gold trader added.
On January 4, 2013, Turkish Economy Minister Zafer Caglayan slammed
European Union pressures on Ankara to stop gold-for-gas trade with Iran,
saying the EU demand would fall on "deaf ears.”
On December 26, 2012, Turkish Energy Minister Taner Yildiz said Ankara
would keep buying natural gas from Iran regardless of Western sanctions
against the Islamic Republic.