Russia transferred 1.8 tons of gold bars (approx US$104 mn) to Iran as payment for drones

Russia paid Iran with 1.8 tons of gold — valued at around $104 million — for Shahed-136 drones, according to U.S. analysts at C4ADS, as reported by The Washington Post.

The payment was outlined in a March 2023 contract, with gold priced at $58.32 per gram. A second deal for over 2 tons of gold was signed weeks later, though its delivery remains unconfirmed.

Analysts say using gold allowed Russia to sidestep U.S. sanctions that target dollar-based transactions.

This article was written by Eamonn Sheridan at www.forexlive.com.