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German Central Bank Moves to Prevent Iran Cash Repatriation
German Central Bank Moves to Prevent Iran Cash Repatriation
Saturday, August 04, 2018

German Central Bank Moves to Prevent Iran Cash Repatriation

Under the new conditions, Bundesbank can stop cash transfers that violate US Treasury sanctions, the German newspaper Bild disclosed
Merkel’s government—widely considered one of the most pro-Iran European governments—has not commented on whether it will allow the roughly $400 million in cash to be sent to Iran
Saturday, August 04, 2018

German Central Bank Moves to Prevent Iran Cash Repatriation

Germany’s central bank, Bundesbank, has revised its regulations to stop Iran from withdrawing €320 million ($400 million) in cash from the country’s bank accounts. 
Under the new conditions, Bundesbank can stop cash transfers that violate US Treasury sanctions, the German newspaper Bild disclosed.
The drastic measure to physically ship the cash out of Germany has been interpreted as a sign of Tehran’s declining trust in European financial institutions, as the US Treasury tightens its screw on the Persian Gulf country's global financial operations.
The repatriation would have been “one of the largest cash transfers ever in German history”, a spokesman for the country’s finance minister admitted.

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08/04/2018
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