Iran has withdrawn around $75 billion (Dh275bn) from Europe to prevent the assets from being blocked under threatened new sanctions over Tehran's disputed nuclear ambitions, an Iranian weekly said.
Western powers are warning the Islamic Republic of more punitive measures if it rejects an incentives offer and presses on with sensitive nuclear work, but the world's fourth-largest oil exporter is showing no sign of backing down. "Part of Iran's assets in European banks have been converted to gold and shares and another part has been transferred to Asian banks," Mohsen Talaie, deputy foreign minister in charge of economic affairs, was quoted as saying.
Iranian officials were not immediately available to comment on the report in Shahrvand-e Emrouz, a moderate weekly, which did not specify the time period for the withdrawals, which it said were ordered by President Mahmoud Ahmadinejad. "About $75bn of Iran's foreign assets which were under threat of being blocked were wired back to Iran based on Ahmadinejad's order," the weekly said.
Iran's Etemad-e Melli newspaper, also quoting Talai, last week also reported the country was withdrawing assets from European banks but did not give any figures.
EU diplomats have said the bloc is preparing an asset and funds freeze on Iran's biggest bank, state-owned Bank Melli, but that it first wants to see how Tehran responds to the new offer.
British Prime Minister Gordon Brown said yesterday that his country will freeze assets of Bank Melli.
"Action will start today in new phase of sanctions on oil and gas.
"We will take any necessary action so that Iran is aware of the choice it needs to make."