Turkey Acknowledges Gold Exports Tied to Iran Gas Purchases - WSJ.com
ISTANBUL—Turkey on Friday acknowledged that a surge in its gold exports this year is related to payments for imports of Iranian natural gas, shedding light on Ankara's role in breaching U.S.-led sanctions against Tehran.
The continuing trade deal offers the most striking example of how Iran is using creative ways to sidestep Western sanctions over its disputed nuclear program, which have largely frozen it out of the global banking system.
The disclosure was made by Turkey's Deputy Prime Minister and top economic policy maker Ali Babacan in answers to questions from the parliamentary budget committee.
Read the rest of the article online (Subs. required): Turkey Acknowledges Gold Exports Tied to Iran Gas Purchases - WSJ.com
See our previous note on the Iran-Turkey Gold-gas situation: MasterMetals: Iran’s Neighbors Act as Gold Funnels | Gold Investing News:
in the first six months of 2012, [with] gold exports to Iran, we are talking about a gold export figure in excess of $6 billion. So, compared to past trends, we are definitely talking about something extraordinary here,” he said.
In July, Turkish gold sales to Iran reached nearly $2 billion. That trade that did not go unnoticed or unreported; Turkish and international media began to hone in on this relationship.
As the spotlight grew brighter, Iran’s demand for gold from Turkey seemed to decline. Simultaneously, an enormous appetite for gold erupted in the United Arab Emirates (UAE).
Some believe that the players, aiming to mask the trade, switched up their game a bit.
No comments:
Post a Comment
Commented on MasterMetals