Iran has several billion of Euros in European banks

Iran Materials 24 January 2012 12:43 (UTC +04:00)

Azerbaijan, Baku, Jan. 24 / Trend S.Isayev, T. Jafarov/

"Despite that I cannot name the exact sum right now, I can say that Iran still has more than a couple of billion Euros in European banks", EU economic advisor Mehrdad Emadi told Trend, answering the question about yesterday's message from Iran Central Bank's officials.

According to Fars news with referrence to Iran Centra Bank's officials, Iran does not have any money at all, not even a single rial in European banks. The report from central bank came yesterday, after the EU accepted new sanctions against the Islamic Republic.

The European Union banned imports of oil from Iran on Monday and agreed to freeze the assets of Iran's central bank, joining the United States in a new round of measures. The latest sanctions by the European Union will be fully enforced by July 1. The sanctions on Iran oil is fraught with risks - of rising energy prices and global financial instability.

Along with oil embargo, the EU also froze the assets of the Iranian central bank within the EU, while ensuring that legitimate trade can continue under strict conditions. Trade in gold, precious metals and diamonds with Iranian public bodies and the central bank will no more be permitted, nor will the delivery of Iranian-denominated banknotes and coinage to the Iranian central bank.

The Iranian banking sector was hit by restrictions, forcing any transactions over 40,000 euros ($51,000) to be authorized by EU governments before they can go ahead.

Emadi added that Iran has money stored in Germany, Spain, Italy, Malta, Greece. Emadi also said that Iran has money in Switzerland, while it supports sanctions agains the Islamic Republic.

"Despite the fact that Switzerland is not a member of the EU, a month ago it said, if the sanctions against Iran are approved by the EU, Switzerland will support them," Emadi added.

Iran since 2008 started withdrawing its assests from European banks, which Iran's deputy minister Mohsen Talaie confirms.

Mohsen Talaie, deputy foreign minister in charge of economic affairs, said part of Iran's assets in European banks was converted to gold and shares and another part were transferred to Asian banks.

Iran withdrew 250 tons of its gold reserves from Suisse Credit Bank worth five billion Swiss francs, and transferred them to Tehran.

Suisse Bern-based daily Der Bund reported that apparently Iran has withdrawn 700 tons of its gold reserves, worth sixteen billion Swiss franks, from various Western monetary funds and transferred them to other unknown destinations.