Germany Probes Huge Iran Cash Transfer Request
Germany Probes Huge Iran Cash Transfer Request

Germany Probes Huge Iran Cash Transfer Request

Germany Probes Huge Iran Cash Transfer Request

German authorities have started investigating an Iranian government plan to fly out hundreds of millions of euros from Hamburg to Tehran.
If approved, the move is certain to provoke a strong reaction from the US, Germany’s public international broadcaster Deutsche Welle reported on Tuesday.
The €300 million ($350 million) in question is being held by the European-Iranian Trade Bank (Europaeisch-Iranische Handelsbank AG or EIH Bank), which is owned by the Iranian state, but registered in Hamburg with the German central bank, Bundesbank.
According to a report by Germany’s Bild newspaper, Iran wants to fly the money out as soon as possible to avoid the potential freezing of accounts as a result of reimposed US sanctions coming into effect in August.
If the operation goes ahead, it is likely to trigger a strong response from Washington. US Ambassador to Germany Richard Grenell already told the newspaper that the government of US President Donald Trump was “very concerned” and called on Berlin “to intervene and stop the plan”.
Bild reported that the money to be flown out would be passed on to Iranians lacking a valid credit card to use while traveling abroad and in need of cash.

 Tough Decision Ahead
A German Finance Ministry spokeswoman said it would be one of the largest cash transfers ever in German history.
The German Foreign Ministry said the current probe would aim to determine whether the arrangement would be an infringement of existing sanctions. But for them to intervene, there would have to be concrete evidence of illegal activity.
Germany is in a bind over the requested transfer because blocking the move could be politically precarious, as it could mean the collapse of the Iran nuclear deal, which the European Union still hopes to salvage.

Short URL : https://goo.gl/5wn926
  1. https://goo.gl/QNnKPM
  • https://goo.gl/srXTQs
  • https://goo.gl/W7Rchh
  • https://goo.gl/WXXnff
  • https://goo.gl/9EHPSL

You can also read ...

Europe May Tap Cryptocurrencies to Shield Iran Against US Sanctions
The European Union may opt for digital currencies in its...
Iran’s net hot-rolled coil consumption was 5.6 million tons in 2017, of which 0.8 million tons were imported.
Russia and Kazakhstan are temporarily stepping back on sales...
Secondary Forex Market: Corruption Loopholes Abound
Two goals set have been set for the recent establishment of...
EU foreign policy chief, Federica Mogherini, hailed the imposition of the blocking statute on Monday as a “consistent step forward”.
As it races to save the Iran nuclear deal, the European Union...
Colza Production Exceeds Expectations
The government has purchased more than 300,000 tons of colza...
Hashtgerd Subway Station Construction Underway
Iranian authorities are pushing ahead with construction plans...
Plastic Production Plant Launched in Chabahar
A factory producing different kinds of plastic products was...
Interbank Rate Tweak to Impact Interest Rates
Officials at the Central Bank of Iran have announced the...

Add new comment

Read our comment policy before posting your viewpoints