Monday, December 3rd 12:46 PM IST

Iran continues to get Turkish Gold via UAE

# Turkey gold  # gold exports Iran  # trade deficit  

Turkey imported more than 75,000 barrels of oil daily in October from Iran for which the Turks paid back partly in gold.

ANKARA(BullionStreet): Iran continued to get gold from Turkey via the UAE despite the US tightened sanctions against the Islamic Republic.

According to latest official figures from Turkey, the country sold $1.5 billion worth of gold in October and almost all of them went to the UAE.

Experts believe the entire cargo reached in the Emirates were taken across the Persian Gulf to Iran by private carriers.

Turkey imported more than 75,000 barrels of oil daily in October from Iran for which the Turks paid back partly in gold.

Turkish officials said the nation complies with U.N. Decisions but does not abide by unilateral sanctions imposed by other countries.

Official figures also showed purchase by Switzerland but it is unlikely that any Swiss gold would go to Iran as no links between the European state and Iran on the issue were confirmed.

In the first eight months of the year Turkey exported $6.4 billion of gold directly to its oil and gas provider Iran.

Turkey’s overall gold exports totaled $14.34 billion in the first 10 months of the year, while imports of the commodity accounted for $7.7 billion, meaning the trade helps the country cut its trade gap.

The country imported a mere $366 million worth gold in October.

How about a fully featured Android App for your business?

Most Popular

Bullion Street Newsletter