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India paying gold for oil. It this the beginning of the end of the dollar standard?

Media reports suggests that India has agreed to pay the price of crude
oil it imports from Iran in gold, which makes it the first country to
drop the US dollar for purchasing the Iranian oil.

Citing an Israeli intelligence website, The Times of India has
reported that India is opting for gold to repay crude oil supplies
from Iran. The website, Debkafile, said the transaction will be routed
through UCO Bank, the Kolkata-based public sector lender.

However, the authenticity of the news could not be confirmed as the
Indian government has neither confirmed nor rejected the option of
paying in gold for oil imports from Iran.

India, which is highly dependent on imports to meet its crude oil
consumption needs, is Iran's second-largest oil customer after China
and purchases around $12 billion worth of Iranian crude every year,
about 12 percent of its consumption.

On Dec. 31, 2011, US President Barack Obama signed new sanctions into
law, seeking to penalize countries importing Iran's oil or undertaking
transactions with the Central Bank of the Islamic Republic of Iran.

EU leaders also endorsed the latest restrictive measures against Iran.
The leaders of the 27-member bloc briefly touched upon foreign
relations during the summit held in Brussels, mentioning sanctions
adopted by the EU Foreign Ministers on Jan. 23.

From:
1. http://timesofindia.indiatimes.com/business/india-business/Gold-for-Iran-oil-Govt-declines-any-comment/articleshow/11634184.cms
2. http://agmetalminer.com/2012/02/02/back-to-the-old-days-india-to-pay-iran-for-oil-in-gold/

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