TEHRAN(BullionStreet): Iran has formed a large network of private front companies to engage in gold trade for the nation after US led economic sanctions blocked all legal routes.

According to reports, the Iranian regime even recruited members of it's elite Revolutionary Guards for the purpose to circumvent the economic sanctions.

As per the new plan, members of the RG flew to different destinations of the world to physically carry gold back to Iran.

Iran is not known to release any official statements about dealings involving it's elite Revolutionary Guards as only top officials within the Iranian regime has direct access with them.

Iran is also using thousands of Iranian companies operating in friendly nations such as Turkey to arrange business network that could facilitate large-scale bartering.

The Islamic republic began to demand gold in exchange for oil after it was ejected from the SWIFT international electronic banking system last year.

Iran has been accumulating huge amounts of the precious metal over the past year after the United States made it clear it would treat any breach of the sanctions on Iran as money laundering.

Analysts said Iran has evaded U.S. sanctions so far by importing gold to pay for billions of dollars worth of energy sales to Asian giants such as India and China.