India to pay gold instead of dollars for Iranian oil. Oil and gold markets stunned
DEBKAfile Exclusive Report January 23, 2012, 5:57 PM (GMT+02:00)

India is the first buyer of Iranian oil to agree to pay for its purchases in gold instead of the US dollar, debkafile reports exclusively. Our sources expect China to follow suit. India and China take about one million barrels per day, or 40 percent of Iran's total exports of 2.5 million bpd. Both will therefore substantially cushion the impact on the Iranian economy of the European decision of Monday, Jan. 22, to impose an oil embargo on Iran and freeze the assets of its central bank.
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