(Telegraph-UK) Con Coughlin - Iran's central bank is using a number of financial institutions in China and Turkey to fund the purchase of vital goods to keep the Iranian economy afloat. According to Western security officials, China, which is Iran's largest oil trading partner, is playing a major role in helping Iran to avoid the sanctions. Instead of transferring payments to Iran owed from oil purchases, Chinese banks are using the money to buy goods on behalf of the Iranians and then shipping them to Iran. "It is like an old-fashioned barter mechanism," explained a senior security official.
2012-02-20 00:00:00Full ArticleBACK Visit the Daily Alert Archive