Friday, January 27, 2012

India uses gold to buy oil

India to pay for Iran's oil in gold
India has decided to pay Iran in gold for the oil it purchases, according to a report carried by an Israeli news website DEBKAfile. The move is an attempt to work around the sanctions imposed by the United States and Europe over Iran's alleged nuclear programme. India had earlier indicated that it was in talks with Iran to pay for the oil in either rupees or in yen, but now it seems that India has decided to switch to gold.

No comments:

Post a Comment