Bloomberg Report: Iran Receives Gold Bars from Venezuela for Oil Services
Bloomberg News reports that Venezuela has given Iran gold bars to pay for the repair costs of its oil facilities, equivalent to about $500 million.
Bloomberg reported the news, citing people familiar with the matter.
The report says that planes from Mahan Company, which is under US sanctions, transported 9 tons of gold from Venezuela to Iran in April.
Iran has reportedly helped repair Venezuela's refineries. The transfer of these gold bars has caused a sudden drop in Venezuela's foreign reserves, which are in dire need of cash.
Venezuela's current foreign reserves are reported at $6.3 billion, the lowest in three decades.
Iran and Venezuela are both under US sanctions, and according to Bloomberg, this cooperation would give Iran access to new financial resources and allow Venezuela to avoid a complete cut-off in its supply of petrochemical products.
Source: Voice of America
