“The first American sanctions on Iran since a moderate cleric won the presidential election there on June 14 went into effect on Monday, expanding the number of penalized industries and imposing rules that theoretically could halt all gold and currency trade by the country. Bullion dealers in other countries who flout the prohibition risk severe American penalties, including expulsion from the United States precious metals market. Iran has increasingly traded its oil and gas for gold with countries like Turkey because of earlier financial sanctions that have prevented the Iranians from using conventional bank payment methods.”
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