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Sunday, May 20, 2012

Sanctions that shine: Turkish gold sales to Iran skyrocket

How effective are the American-led sanctions against Iran? Consider this: In March, Turkey, which is led by President Obama's best friend forever (BFF) Recep Tayyip Erdogan, exported more than thirty times as much gold to Turkey as it did in March of 2011. Thirty times as much (Hat Tip: Joshua I).
Sanctions to force Iran to curb its nuclear program have targeted its energy and banking sectors and new measures from both the United States and European Union take effect in July, aimed at strangling Tehran’s foreign earnings.

The sanctions have made neighboring Turkey an ever more important channel for the Islamic republic.

Data from Turkey’s Statistics Institute yesterday showed gold exports to Iran rose to nine tons, worth $480 million, in March, from 286 kg a year earlier and compared to just 30 kg in February this year.

They were the highest monthly exports to Iran since records started in 2010. Total gold exports were 11.1 tons in March.

“It wouldn’t be wrong to say Iran chooses Turkey for gold imports because of embargoes,” said Gokhan Aksu, vice chairman of Istanbul Gold Refinery, one of Turkey’s biggest gold firms.

“Iranians prefer jewels and precious stones to protect the value of their money and escape instability,” he told Reuters.
I'm sure Iran is going to stop developing nuclear weapons immediately because of these very tough sanctions.

What could go wrong?

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