Article Image
News Link • Iran

Gold for Oil: India and Iran Ditch Dollar – Report

• .

Oil is priced in US dollars, and bypassing the greenback posed challenges for both parties. Two banks are reportedly involved in this deal: India’s state owned UCO Bank and Turkey’s state owned Halkbank.

Both banks don’t have any business with the US and therefore are less vulnerable to sanctions. According to the report, an Indian delegation has spent time in Tehran and finalized the details of the transactions.


1 Comments in Response to

Comment by Powell Gammill
Entered on:
Iran's Ahmadinejad ups rates to stem money crisis

Iran increased bank interest rates on Wednesday and indicated it would further restrict sales of foreign currency, hoping to halt a spiraling currency crisis after new Western sanctions accelerated a dash for dollars by Iranians worried about their economic future....

Join us on our Social Networks:


Share this page with your friends on your favorite social network: