Turkey sees no clash with U.S. over Iran 'gold for gas'
Reuters / Evrim Ergin

Turkey's energy minister said on Thursday that he sees no conflict between Ankara and Washington over U.S. plans to widen trade sanctions against Iran, including Turkish-Iranian "gold for gas" trade.

U.S. senators and aides told Reuters this week that new sanctions aimed at reducing global trade with Iran in the energy, shipping and metalssectors may soon be considered by the U.S. Senate as part of an annual defence policy bill.

Couriers carrying millions of dollars worth of gold bullion in their luggage have been flying from Istanbul to Dubai, where the gold is shipped to Iran, industry sources with knowledge of the business told Reuters last month.

Turkey's Deputy Prime Minister Ali Babacan said last week that the lira Iran received from Turkey for its gas was being converted into gold because sanctions meant that it could not transfer the cash into Iran.

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