India to pay for Iranian oil in gold, China likely to follow

In a bid to circumvent Western sanctions, India has agreed to purchase Iranian oil using gold instead of dollars, and China is likely to follow suit. Between the two of them, India and China account for 40% of Iranian oil sales. The EU, which agreed on Monday to gradually place an embargo on Iranian oil, accounts for 20% of Iranian oil sales.Let's go to the videotape.DEBKA adds (Hat Tip: Will):