Switching From Dollar to Gold: Iran Continues Its Struggle With US Oil Embargo

Thursday, August 16, 2018
By Paul Martin


Being subjected to pressure from Washington, Iran has once again turned to the yellow metal as an alternative means of payment. Speaking to Sputnik, Iranian experts have explained how Tehran will conduct oil-for-gold barter deals with African countries and other longstanding partners.

Iran and its trade partners may switch to gold as a payment instrument to remain invulnerable to US sanctions and invisible to US regulators.

“There are countries unwilling to be led by the nose by the US and ready to buy Iran’s crude,” Hasan Khosrowjerdi, chairman of the Iran-Africa Council for Economic Cooperation, told Sputnik Persian. “In addition, there are those who are willing to pay for oil in gold. Any country can carry out barter deals with Iran. I cannot name these countries, because they may have problems. Of course, we are more interested in goods. But gold is a means of payment that is always in demand. In different places it is used as a monetary equivalent.”

Khosrowjerdi explained that gold can strengthen the Iranian national currency, the rial, and therefore Tehran had offered its African partners the oil-for-gold barter plan. “Ghana, South Africa and other African countries have gold reserves,” he said. “If they are interested, we are ready to exchange oil for gold.”

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