Bloomberg Report: Iran Received Gold Bars from Venezuela for Oil Services
Bloomberg news agency reports that Venezuela has given Iran gold bars worth approximately $500 million USD to pay for the costs of repairing its oil facilities.
Bloomberg reported this news citing people familiar with the matter.
The report states that aircraft from Mahan Air, which is under US sanctions, transferred 9 tons of gold from Venezuela to Iran in April.
It has been reported that Iran has assisted in repairing Venezuela’s refineries. The transfer of these gold bars has caused Venezuela’s foreign reserves, which are in dire need of currency, to face a sudden decline.
Venezuela’s current foreign reserves have been reported at $6.3 billion, which is the lowest figure in the past three decades.
Iran and Venezuela are both under US sanctions, and according to Bloomberg, this cooperation provides Iran access to fresh financial resources and allows Venezuela to prevent a complete halt to its petrochemical product exports.
Source: Voice of America
