Oil-for-gold barter with Africa solution for US banking sanctions - Iran

Tehran is looking for potential solutions to keep trading with African countries by bartering oil products for gold, Xinhua news agency reported, citing Press TV on Monday.

Iran-Africa Council for Economic Cooperation president Hassan Khosrowjerdi said with US sanctions looking, banking problems would be Iran's biggest challenge for trading with other countries.

"This could be resolved by establishing barter mechanisms with other countries, including those in Africa by using bartering schemes to facilitate trade between Iran and



Africa."

Khosrowjerdi said one key item which Iran is specifically interested is gold but did not mention any specific country with which Iran was considering to barter its products with gold.

Ghana, Africa's second largest gold exporter after South Africa, could be a primary target. Iran exports a wide range of oil products to Ghana including tar and various kinds of industrial oil.

Iran has been primarily buying gold from the UAE and South Africa with some reports saying it has intensified its gold purchase in recent years.