Iran will be barred from accepting gold as payment for oil

BLOOMBERG

Iran’s accord with world powers to limit its nuclear program in exchange for as much as $7 billion in relief from sanctions left Presidents Barack Obama and Hassan Rouhani the task of selling the deal to critics.

By agreeing to curtail its nuclear activities, Iran won an easing of certain sanctions on oil, auto parts, gold and precious metals for six months.

The deal, which is reversible, was announced early yesterday after five days of talks in Geneva. Without removing sanctions on oil exports, it releases some of Iran’s oil assets and allows it to keep exporting crude at current levels.

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