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Message: <blockquote data-quote="ibnanv" data-source="post: 11916499" data-attributes="member: 218596">Oil-for-gold: Tehran’s metal shield from sanctions                                                               <img src="http://rt.com/files/news/iran-india-gold-oil-543/sanctions-oil-for-gold-tehrans-shield.n.jpg" alt="" class="fr-fic fr-dii fr-draggable " style="" />                                 Oil-for-gold: Tehran’s metal shield from sanctions                         TAGS:         <a href="http://rt.com/tags/oil/" target="_blank">Oil</a>,         <a href="http://rt.com/tags/nuclear/" target="_blank">Nuclear</a>,         <a href="http://rt.com/tags/politics/" target="_blank">Politics</a>,         <a href="http://rt.com/tags/iran/" target="_blank">Iran</a>,         <a href="http://rt.com/tags/india/" target="_blank">India</a>,         <a href="http://rt.com/tags/china/" target="_blank">China</a>                             India has reportedly agreed to pay Tehran in gold for the oil it  buys, in a move aimed at protecting Dehli from US-sanctions targeting  countries who trade with Iran. China, another buyer of Iranian oil, may  follow Delhi’s lead. The report, by the Israeli-based news website DEBKAfile, states that  Iran and India are negotiating backup alternatives with China and  Russia, should the US and EU find a way to block the gold payment  mechanism.Dheli’s move is seen as surprising, as earlier India  and Iran said they would switch to yen and rupees. China, another major  importer of Iranian oil, may follow Delhi’s lead, the report adds.India  and China need to switch from the dollar in bilateral trade, since the  US and EU have issued unilateral sanctions against the Iranian oil  industry and financial institutions. The sanctions would ban any bank  involved in oil trade with Iran from dealing with American and European  counterparts.Both India and China, two major buyers of Iranian  oil accounting for 22 and 13 percent of its total export respectively,  have refused to join such sanctions. This means they have to establish a  reliable way of paying for crude, independently of the parts of the  global financial system controlled by New York and London.Delhi’s  current plan is to effect payments through two state-owned banks,  India’s UCO Bank and Turkey’s Halk Bankasi, Turkey being another country  refusing to join the sanction spree.The US issued sanctions  against Iran in December, aiming to put pressure on the Islamic Republic  and make its controversial nuclear program more transparent. The EU  joined the initiative on Monday, banning new oil contracts with Iran,  but allowing current ones to be fulfilled.Australia on Tuesday  became the latest country to voice plans for such an embargo, although  the move would be more symbolic than practical, considering the  country’s small share in Iran’s oil export.Japan and South  Korea, two other major buyers of Iranian crude, are in talks with  Washington over the issue, although both Seoul and Tokyo are worried  that stopping their imports could hurt their economies.Iran,  which is highly dependent on its sales of oil, is reacting to the  sanction campaign nervously. Tehran says it will not yield to pressure,  and threatens to block the Strait of Hormuz, a key oil tanker route in  the Persian Gulf.</blockquote>

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