India plans to start paying for Iranian oil with gold. A set of Indian functionaries does not rule out that China may do the same, IRI reports.
India and China purchase 1 million barrels of Iranian oil daily, about 40% of total Iranian exports. Gold payments would allow them to avoid the EU sanctions passed on January 23. The EU froze financial reserves of the Iranian Central Bank and imposed an oil embargo.
The EU buys only 20% of Iranian oil. Specialists say that gold payments would cost a global rise of prices for the metal and reduce the dollar currency rate.
An Indian delegation is currently in Tehran to discuss oil purchases for gold.
