Turkey reportedly skirting sanctions by paying for Iranian oil in gold

The Times of Israel
July 10, 2012

Turkey reportedly skirting sanctions by paying for Iranian oil in gold
Apparently Turkey (a NATO member) is "buying" oil from Iran and paying in gold.

It looks like Iran is Turkeys main export nation also.

Turkey, according to the article is denying any plan to bypass the international exchange called SWIFT.

SWIFT is the global transaction system that handles payments for much of the petroleum industry.

Iran has been cut off from using the SWIFT system.

As economic sanctions tighten around Iran, the Islamic Republic has turned to accepting alternative currencies as a way to receive payments for oil exports, the Financial Times reported on Monday.

The report focuses on a huge surge in gold exports from Turkey to Iran since March, the same time Iran was cut out of the SWIFT network, a global transaction system that handles payments for much of the petroleum industry, which forced Iran to seek alternative payment for its oil.

Although Turkey has reduced Iranian oil imports under EU and American pressure, Iran still provides 40 percent of Turkey’s petroleum, and between March and May, Turkey exported 58 tons of gold to the Islamic Republic, an increase of over 500%. According to the Financial Times, the gold exports were “sent in place of dollars for oil.”

Ugur Gurses, a financial analyst for the Turkish daily Radikal, said, “Iran converted $3 billion of its reserves into gold through financial operations with Turkey, bypassing sanctions.”

Speaking to Anadolu Agency on Monday, Turkish Energy and Natural Resources Minister Taner Yildiz denied that Turkey pays for Iranian oil by gold, saying that oil payments are made through existing agreements between private companies in dollars and lira.

July 9 article from The Financial Times

That is the question beyondbrics found itself asking after it had a look at Turkey’s latest trade figures.

According to data released by the Turkish Statistical Institute (TurkStat), Turkey’s trade with Iran in May rose a whopping 513.2 per cent to hit $1.7bn. Of this, gold exports to its eastern neighbour accounted for the bulk of the increase. Nearly $1.4bn worth of gold was exported to Iran, accounting for 84 per cent of Turkey’s trade with the country.

So what’s going on?

In a nutshell – sanctions and oil.

In recent months, western powers, notably the US and the European Union, have tightened financial sanctions on the Islamic regime in an attempt to force Iran to scale back or halt its efforts to enrich uranium.

What’s Iran doing with Turkish gold?

press release from Turkey - June 29

The EU’s share in exports decreased to 36,2% in May 2012

As compared with the same month of the previous year, exports to EU were 4 763 Million Dollars decreased by 6,9%. The proportion of the EU countries was 36,2% in May 2012 while it was 46,8% in May 2011.

In May 2012, the main partner country for exports was Iran with 1 664 Million Dollars (1 386 Million Dollars of gold for non monetary purpose exportation) and increased by 513,2%. For exports, Iran was followed by Germany (1 076 Million Dollars), Iraq (864 Million Dollars), the United Kingdom (692 Million Dollars) and Russia (575 Million Dollars).

For May 2012, the top country for Turkey’s imports was Russia (2 196 Million Dollars), records for imports range from Germany (2 064 Million Dollars), China (2 022 Million Dollars) and the USA
(1 375 Million Dollars).

FOREIGN TRADE STATISTICS, MAY 2012

Who is slapping "Who" in the face ?

This is actually good news!

I'm happy to hear that Turkey is giving the west the middle finger by finding other ways to pay for Iranian oil. I also applaud Iran for accepting gold as another means of payment as it is basically gold which backs most currencies...

At some point Iran will have so much gold that their currency will actually grow in power and this will also enable them to grow in military power to defend themselves from evil Israel...

This is a great thing for Iran and creates a counter balance in the middle east against the evil crime against humanity criminal israelis...

First we hear China doing this last week and now this? Are they pushing the fall of the Dollar?

Originally posted by antar
First we hear China doing this last week and now this? Are they pushing the fall of the Dollar?

The fall of the dollar is not only necessary, it is inevitable... The dollar is what is cursing the world economy right now... When you have a system of fractional banking, the same system that creates the dollar, you have a perfect guarantied system that will fail no matter what...

How can you owe more than the amount of money that exists? it makes no sense... well actually it does, if you are the banker and want to make profit...

The dollar must fall, the fractional banking systems of the west must be destroyed if we want to keep economies from falling around the world...

Originally posted by xuenchen
The Times of Israel
July 10, 2012

Turkey reportedly skirting sanctions by paying for Iranian oil in gold

 

Apparently Turkey (a NATO member) is "buying" oil from Iran and paying in gold.

Although Turkey has reduced Iranian oil imports under EU and American pressure, Iran still provides 40 percent of Turkey’s petroleum, and between March and May, Turkey exported 58 tons of gold to the Islamic Republic, an increase of over 500%. According to the Financial Times, the gold exports were “sent in place of dollars for oil.”

58 Tonnes of Gold = $3,414,590,059.51 or almost 3.5 TRILLION DOLLARS (March 2012 gold prices at $1669/ounce)

Price of oil in March 2012 = $105/barrel

3,414,590,059.51 / 105 = 32,519,905.33 barrels

Iran produces approximately 4 million barrels per day, and consume half of that themselves.

So in 3 months, Iran produced ~360 million barrels. They used 180 of it themselves, then sold 32 million of the remaining 180 for $3.5 Trillion dollars.

My point?

I wish I had an oil reserve in my back yard.

reply to post by xuenchen


This article is misleading as hell.

They aren't "skirting" sanctions, they are doing what is require legally to trade with the nation of Iran.

Other globalist scum have placed nations like Turkey in a really tough position by saying, no you can't buy products from there, so they must find an alternative.

If they are legally allowed to purchase these products with gold, and they are doing so, then they aren't circumventing sanctions. The sanctions should have been more precise in that case.

Either way, economic sanctions are/is financial terrorism.

It only hurts the people of Iran, not the government. And 50 years ago, those would be considered a declaration of war.

~Tenth

Originally posted by tothetenthpower
reply to post by xuenchen

 

Either way, economic sanctions are/is financial terrorism.

It only hurts the people of Iran, not the government. And 50 years ago, those would be considered a declaration of war.

~Tenth

Unless I'm mistaken, or something has changed, it still is considered a declaration of war.

I find this laughably ironic in any case. They get sanctions slapped on them by "Big Daddy" and then they turn around and sell their oil for REAL "money" which in effect makes their nation even more powerful.

Screw you DAD !

Originally posted by tothetenthpower
reply to post by xuenchen

 

This article is misleading as hell.

They aren't "skirting" sanctions, they are doing what is require legally to trade with the nation of Iran.

Other globalist scum have placed nations like Turkey in a really tough position by saying, no you can't buy products from there, so they must find an alternative.

If they are legally allowed to purchase these products with gold, and they are doing so, then they aren't circumventing sanctions. The sanctions should have been more precise in that case.

Either way, economic sanctions are/is financial terrorism.

It only hurts the people of Iran, not the government. And 50 years ago, those would be considered a declaration of war.

~Tenth

Yep.

Remember the source is The Times of Israel.

I looks like they are pretty good at "exaggerating" sometimes

And I agree that the "sanctions" are vague on some terms.

I bet that is part of the game.

Originally posted by HIWATT

Originally posted by xuenchen
The Times of Israel
July 10, 2012

Turkey reportedly skirting sanctions by paying for Iranian oil in gold

 

Apparently Turkey (a NATO member) is "buying" oil from Iran and paying in gold.

Although Turkey has reduced Iranian oil imports under EU and American pressure, Iran still provides 40 percent of Turkey’s petroleum, and between March and May, Turkey exported 58 tons of gold to the Islamic Republic, an increase of over 500%. According to the Financial Times, the gold exports were “sent in place of dollars for oil.”

58 Tonnes of Gold = $3,414,590,059.51 or almost 3.5 TRILLION DOLLARS (March 2012 gold prices at $1669/ounce)

Price of oil in March 2012 = $105/barrel

3,414,590,059.51 / 105 = 32,519,905.33 barrels

Iran produces approximately 4 million barrels per day, and consume half of that themselves.

So in 3 months, Iran produced ~360 million barrels. They used 180 of it themselves, then sold 32 million of the remaining 180 for $3.5 Trillion dollars.

My point?

I wish I had an oil reserve in my back yard.

not a bad comparison to put this in perspective.

but i think the $3.5 "trillion" is $3.5 "billion" ?

I smell Taqqiya. Islamic deception of say one thing, do another. I blame the U.S. government for allowing itself to be played for stupid. This warrants an investigation i doubt will ever come. This is what it looks like to me. Turkey is a Nato/ally member, buys oil from Iran who has an embargo placed on it's oil exports by the U.S./U.N., Iran supports the Free Syrian Terrorists and Hezbollah and Hamas terrorist organizations.

Anyone else noticing these double dealing with double dealers and making more double deals with those who double deal with their double dealer's double dealers?

Are you confused yet? So basically there is no sanction on Iranian oil exports, theyre just making us think there is. This is what you get when you put your trust and faith in men, they lie to you behind your back and have you believe lies are truths and truths are lies and then you don't really know up from down.

No wonder i'm a hermit and i quit watching the nightly fictions MSM calls "news". Even the weathermen lie.

hey at least they got the gold to actually pay for things with. Wanna make a bet that the US could not pay for their oil in gold if needed.
I'm not bothered by this at all. At least they aren't paying for oil in weaponized uranium or something. They're just trying to get a little oil to keep their infrastructure running.