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.
August 03, 2018 19:49
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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
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