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Sunday, December 9, 2012

"Sanctions That Benefit Obama's BFF Turkey" - Iran-Turkey Trade Rose 46% - Turkish Gold Buys Iranian Oil.

"Sanctions That Benefit Obama's BFF Turkey" - Iran-Turkey Trade Rose 46% - Turkish Gold Buys Iranian Oil.(INN).Trade between Iran and Turkey has risen nearly 50 percent this year, according to the state-run Islamic Republic News Agency (IRNA). The monetary value of Iran-Turkey trade reached $20 billion in a 10-month period ending in November, the news agency reported.
Of the $20 billion in trade, $7 billion resulted from Turkish exports of gold to Iran. The reason: Turkey has been importing Iranian oil and gas, and has been compensating the Islamic Republic in gold, beginning in February.
The move may be a violation of the United Nations Security Council sanctions imposed on the Islamic Republic. It is clearly a violation in spirit of the sanctions imposed by Turkey's Western allies, including the United States and the European Union, whose governments have all supplemented the U.N. economic and trade sanctions with others.
Turkish imports from Iran, however, were far less: in 2011, Turkey imported $10.573 billion in goods, a figure that actually dropped to $10.368 billion this year.
There was a 45.89 percent growth in value, compared to the same period the previous year, when bilateral trade stood at $19.697 billion.

According to the report, exports from Turkey to Iran rose 243.5 percent in 2012 over the previous year, a total of $9.329 billion in products to Iran over the 10-month period in 2012. The figure represents a drastic increase over the $2.927 billion in exports to Iran the previous year.
Iran continues to defy the United Nations and world community by refusing to slow uranium enrichment, denying access to inspectors and conducting live tests of conventional explosives that could be used to detonate a nuclear weapon. The sanctions imposed by Western nations and the U.N. Security Council are aimed at forcing the Islamic Republic to halt its nuclear development activities through diplomatic means, rather than having to carry out a military operation to cripple its suspected drive towards producing an atomic weapon of mass destruction.Hmmm........Making life harder on Europe while giving his Islamist buddy  a break.Read the full story here.

Update: More on this subject From Carl in Jerusalem: How is Turkey getting away with it?

Related - As expected Obama will give BFF Turkey a waiver from sanctions, they ‘only’ import 45 percent of their oil from Iran and aid Iran avoiding sanctions.

Obama administration officials didn't say how much the seven countries had cut their oil purchases. In March, U.S. officials signaled that they were seeking reductions of 15% to 22% of purchases.

Several large countries, including India and Turkey, said publicly that they were reluctant to reduce imports of Iranian oil because of their long reliance on the Islamic regime. They appear to have met the minimum level of cooperation that Washington demanded, however.How Much did Turkey actually 'reduce' it's inports??

Before May, Turkey was the only buyer in Europe to increase purchases from Iran, while other European refiners cut back on imports of the crude ahead of an impending EU oil embargo due to take effect from July 1.In the first four months of 2012, Turkey imported 210,000 barrels per day of Iranian oil on average, including a huge 270,000 bpd in March, much higher than its 2011 average of 185,000 bpd.

In May Turkey's state-controlled refining company, Tupras, imported around 140,000 barrels per day (bpd), a 20 percent drop from its 2011 average, according to the latest shipping data, obtained by Reuters. Port data showed 152,000 tonnes of Iranian crude was delivered to the port of Aliaga in May, while 443,000 tonnes of Iranian crude was delivered to its second import terminal, Tutunciflik. Tupras is expected to import the same volume in June.
From July 1, Turkey will remain effectively the sole buyer of Iranian crude in Europe. Official trade data showed that in the first four months of this year, Iran accounted for about 58 percent of Turkey's near 6 million tonnes in total crude imports.

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