IRAN WITHDRAWS ITS ASSETS FROM EU BANKS

Iran has withdrawn assets from European banks in an attempt to evade international sanctions over the Islamic Republic’s disputed nuclear program, a senior Iranian official said on Friday.

The US, the UN and the EU have imposed a series of new restrictions on Iran over its nuclear enrichment activities, which the West fears could lead it to make a bomb. Iran says it needs nuclear technology to generate power.

“Assets of Iranian banks have been withdrawn from European banks … Iran’s Central Bank … was prepared for any such scenarios since six months ago,” Mahmoud Bahmani, head of the Central Bank of Iran, told the semi-official Fars news agency.

US President Barack Obama on July 1 signed a law imposing tough new sanctions on Iran’s banking and energy sectors.

Analysts say Switzerland, home to more offshore wealth than any other country, could be a possible destination for Iran’s foreign assets. Other possible destinations include banks in Asia and the Middle East.

There are few figures available on the size of Iranian overseas holdings but moving them would have major implications for financial markets.

THE CHESS-PIECES ARE EACH MOVED INTO POSITION...
THE STAGE IS BEING SET....
THE BATTLE-LINES DRAWN...
THE DAY APPROACHES...
OR SHOULD I SAY NIGHT...
STAY TUNED...