Daily Alert Archives

Turkey-Iran Gold Trade Wiped Out by New U.S. Sanctions

(Reuters) Asli Kandemir - U.S. officials have sought to prevent Turkish gold exports, which indirectly pay Iran for its natural gas, from providing a financial lifeline to Tehran. A provision of a U.S. sanctions law implemented from Feb. 6 tightens control on sales of precious metals to Iran and prevents Halkbank from processing oil payments by other countries back to Tehran, bankers said on Friday. Turkey, Iran's biggest natural gas customer, has been paying Iran for its imports with Turkish lira, because sanctions prevent it from paying in dollars or euros. "With so many restrictions, Iran's cash may accumulate in Halkbank accounts...they may have difficulty getting some of that money out of Turkey," a senior Turkish banker said.
2013-02-18 00:00:00
Full Article