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Developing Economies

Gold Bullion, Tankers Of Oil: Hit By Sanctions, Iran Barters For Food

Via Reuters:

Iran is turning to barter - offering gold bullion in overseas vaults or tankerloads of oil - in return for food as new financial sanctions have hurt its ability to import basic staples for its 74 million people, commodities traders said Thursday. ...

New sanctions imposed by the United States and European Union to punish Iran for its nuclear program do not bar firms from selling Iran food but they make it difficult to carry out the international financial transactions needed to pay for it.

For More: Listen to our recent podcast, "Do Sanctions Work?"