India To Pay Gold for Iran's Oil

India has reportedly agreed to pay Tehran in gold for the oil it buys, in a move aimed at protecting Delhi from US-sanctions targeting countries who trade with Iran, according to Russia Today.

China, another buyer of Iranian oil, may follow Delhi’s lead.

The report states that Iran and India are negotiating backup alternatives with China and Russia, should the US and EU find a way to block the gold payment mechanism.

India and China take about 1 million bpd, or 40% of Iran's total exports of 2.5 million bpd. Both are superpowers in terms of gold assets, according to reports. - Mehr