Tuesday, August 22nd | 30 Av 5777

Close

Be in the know!

Get our exclusive daily news briefing.

Subscribe
April 23, 2012 9:45 am

China to Use Gold for Purchase of Iranian Oil, Avoiding U.S. Financial Sanctions

avatar by Algemeiner Staff

Email a copy of "China to Use Gold for Purchase of Iranian Oil, Avoiding U.S. Financial Sanctions" to a friend

Chinese Premier Wen Jiabao. Photo: wiki commons.

As countries around the world and the banks that operate within them attempt to avoid American financial sanctions aimed at deterring Iran’s nuclear program – which blocks access to doing business in the United States for any entity that buys Iranian oil- Forbes reports this morning that China will look to buy the Iranian product using gold to circumvent Washington’s policy.

China is Iran’s largest trading partner and buys more petroleum from Iran than any other country.  Already, China and India are bartering with Iran, using consumer goods, and in the case of India, the rupee, to pay for Iranian oil imports.

“Iran cannot stabilize the value of its currency with such unorthodox payment methods, and that is why its economy is collapsing,” Kenneth Katzman of the Congressional Research Service said in late March. “Iran is essentially on a junk-for-oil program.”

Iran has already said it will accept gold as payment for its oil in an attempt to prevent countries from stopping their purchases of Iranian petroleum altogether. China has already increased the amount of oil it imports from Saudi Arabia and other Persian Gulf states, according to the Forbes report.

Related coverage

August 22, 2017 11:47 am
0

Rare Letters From Albert Einstein, Including Criticism of Chamberlain, to Be Auctioned

JNS.org - A series of letters from the famed German-Jewish physicist Albert Einstein, including criticism of the infamous 1938 Munich Agreement...

As countries like India, Turkey, and China try to avoid American and European Union  sanctions on Iranian oil by looking to other sources, U.S. Treasury Secretary Timothy Geinther spoke over the weekend about global supplies.

“Continued cooperation to ensure adequate supply will signal to global energy markets that there will be sufficient production available to meet demand,” he told members of the International Monetary Fund.

Share this Story: Share On Facebook Share On Twitter Email This Article

Let your voice be heard!

Join the Algemeiner
  • I just discovered how we can cut a Trillion Dollars in one year! Watch this http://bit.ly/zz6Bmh

  • john

    Ok, you don’t believe in Gold. But China does, so does India and all of Asia and much of Europe!
    Only Yankees dislike gold cuz they r brainwashed by gov’t and schooling to think the US dollar (paper) is King. Duh

    US Dollar is a the scam of the century.

Algemeiner.com