BREAKING NEWS

Turkey gold exports to Iran resume despite US sanctions

By REUTERS

MARCH 29, 2013 17:36

ISTANBUL - Turkey exported almost $120 million worth of gold to Iran in February, data showed, suggesting the two countries' trade of gold for natural gas has resumed despite tighter US sanctions, though at levels below last year's peaks.

US officials have sought to prevent Turkish gold exports from providing a financial lifeline to Tehran, which has been largely frozen out of the global banking system by Western sanctions over its nuclear program.

Turkey sold no gold to Iran in January, according to data from the Turkish Statistics Institute (TUIK), as banks and dealers eyed the Feb. 6 implementation of US sanctions that tightened control over precious metal sales.

The United States has given Turkey a six-month waiver exempting it from sanctions on trade with Iran, which is due to expire in July, but banks and dealers still have been cautious.

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