Gold for Oil: India and Iran Ditch Dollar – Report, page 1

Gold for Oil: India and Iran Ditch Dollar – Report

www.forexcrunch.com

According to a new and yet unconfirmed report, India bought oil from Iran using gold. India certainly has the gold resources to fund the oil, while Iran is under pressure by the West

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

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www.debka.com

India is so in the middle of anything
Friends of Iran, friends of Israel and friends of the U.S.

It's amazing how in the middle they are yet the U.S. still nominates them to be a member of the UN Security Council.

This will surely get the U.S. angry at India and maybe get Russia a little more happy with India, right now Russia doesn't want to share any technology knowledge with India.

Thoughts ATS?

www.forexcrunch.com
(visit the link for the full news article)

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