Turkey pays for energy resource import from Iran in gold

Turkey began paying for oil and gas imports from Iran in gold since March 2012, Turkish newspaper Vatan said today, citing an official source.

According to the newspaper, that's why gold exports from Turkey to Iran have sharply increased since March 2012. For example, gold exports from Turkey to Iran in March-May 2012 amounted to 60 tons.

Turkey and Iran have chosen this method of payment for energy resources imported into Turkey from Iran after the SWIFT Company which was engaged in money transfer to Iran, stopped cooperating with Tehran in March this year.

It is reported that Turkey imports eight million tons of oil and eight billion cubic meters of gas from Iran each year.

According to the Turkish Statistics Institute, Turkish gold imports to Iran in April increased-fold compared to the same month in 2011. In April 2012, Turkey exported 26 tons of gold worth $ 1.2 billion to Iran.

Iran imported 300 kilogrammes of gold from Turkey in April 2011.