“Turkey is Iran’s biggest natural gas customer but Western sanctions prevent it from paying Tehran in dollars or euros. Iran is instead paid in Turkish lira – of limited value on international markets but ideal for buying gold in Turkey. Couriers carrying millions of dollars worth of gold bullion in their luggage have been flying from Istanbul to Dubai, where the gold is shipped to Iran, industry sources with knowledge of the business told Reuters last year. New sanctions are due to take effect in February and could include measures to try to curb the trade.”
http://www.reuters.com/article/2013/01/04/turkey-gold-exports-idUSL5E9C466F20130104
Related posts:
UN report: Afghan insurgents use marijuana fields as hiding places
McCain says he feels ‘lonely’ on Syria stance
Cameron Announces U.K. Plans for Debut Issue of Islamic Gilts
US Officials: Al-Qaida Gaining Foothold in Syria
Late Marc Rich’s Swiss mansions for sale
Spain opposes extradition of Swiss bank data thief
Calgary student, 13, reprimanded for defending his classmate against a knife-wielding bully
Korea Today - Bitcoin: Currency for the future?
China housing inflation quickens to two year high
U.S. widens surveillance to include individuals with no foreign connection
Monetary Authority of Singapore warns on 'unregulated' bitcoin
Booz Allen Grew Rich on Government Contracts
Pre-election Bin Laden raid film will feature extra Obama footage
ObamaCare's architects reap windfall as Washington lobbyists
Police Taser Gun Rights Advocate at Anti-Gun Violence Rally