India to pay gold instead of dollars for Iranian oil / Cutting out the American dollar


The old RBI Building in Mumbai

The old RBI Building in Mumbai (Photo credit: Wikipedia)

India is the first buyer of Iranian oil to agree to pay for its purchases in gold instead of the US dollar, DEBKAfile’s intelligence and Iranian sources report exclusively.  Those 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 are superpowers in terms of gold assets.

By trading in gold, New Delhi and Beijing enable Tehran to bypass the upcoming freeze on its central bank’s assets and the oil embargo which the European Union’s foreign ministers agreed to impose Monday, Jan. 23. The EU currently buys around 20 percent of Iran’s oil exports.

The vast sums involved in these transactions are expected, furthermore, to boost the price of gold and depress the value of the dollar on world markets. Iran’s second largest customer after China, India purchases around $12 billion a year’s worth of Iranian crude, or about 12 percent of its consumption. Delhi is to execute its transactions, according to our sources, through two state-owned banks: the Calcutta-based UCO Bank, whose board of directors is made up of Indian government and Reserve Bank of India representatives; and Halk Bankasi (Peoples Bank), Turkey’s seventh largest bank which is owned by the government. An Indian delegation visited Tehran last week to discuss payment options in view of the new sanctions. The two sides were reported to have agreed that payment for the oil purchased would be partly in yen and partly in rupees. The switch to gold was kept dark.

India thus joins China in opting out of the US-led European sanctions against Iran’s international oil and financial business. Turkey announced publicly last week that it would not adhere to any sanctions against Iran’s nuclear program unless they were imposed by the United Nations Security Council. The EU decision of Monday banned the signing of new oil contracts with Iran at once, while phasing out existing transactions by July 1, 2012, when the European embargo, like the measure enforced by the United States, becomes total. The European foreign ministers also approved a freeze on the assets of the Central Bank of Iran which handles all the country’s oil transactions. However, the damage those sanctions cause the Iranian economy will be substantially cushioned by the oil deals to be channeled through Turkish and Indian state banks.  China for its part has declared its opposition to sanctions against Iran.

DEBKAfile’s intelligence sources disclose that Tehran has set up alternative financial mechanisms with China and Russia for getting paid for its oil in currencies other than US dollars. Both Beijing and Moscow are keeping the workings of those mechanisms top secret. Source link

This article was posted: Wednesday, January 25, 2012  at  1:43 pm

Notes:

Iran Elections

Iran Elections (Photo credit: bioxid)

Slowly a crash is coming to America; the countries are the easts are slowly cutting out the America dollar. Knowing the Government of America is unable to pay back the debt, they are turning away from America trading among them.  The powerful in Washington are off shoring their wealth and protecting their wealth from American laws they have a future in the new world.

These empty promises in Washington are only distractions, and feeding the nation false hope they hope to keep the nation in the dark until the final stage of their plans. They will disarm the nation changing the law to protect themselves against uprisings they will bring the nation under their control and power.

Revelation 13:2-5 And the beast which I saw was like unto a leopard, and his feet were as the feet of a bear, and his mouth as the mouth of a lion: and the dragon gave him his power, and his seat, and great authority. And I saw one of his heads as it were wounded to death; and his deadly wound was healed: and all the world wondered after the beast. And they worshipped the dragon which gave power unto the beast: and they worshipped the beast, saying, Who is like unto the beast? Who is able to make war with him? And there was given unto him a mouth speaking great things and blasphemies; and power was given unto him to continue forty and two months.

After the collapse of the American economy new laws will be put in place destroying the constitution of America, there will be an upraise as we saw in Greece but due to the disarmament of its citizens the revolt will be put down by the new governments of the world. What are we, salves in teh world of those who plan to live off our strength?

Revelation 13:7-9 And it was given unto him to make war with the saints, and to overcome them: and power was given him over all kindreds, and tongues, and nations. And all that dwell upon the earth shall worship him, whose names are not written in the book of life of the Lamb slain from the foundation of the world. If any man have an ear, let him hear.

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