Iran Withdraws Billions from Europe; Fears Sanctions

By The Media Line Staff

Iran has withdrawn $75 billion from Europe to circumvent a proposed freeze of Iranian assets in any future sanctions over the country's controversial nuclear program.

The Iranian deputy foreign minister for financial affairs, Muhsin Tala'i, said some of Iran's assets had been transferred to gold and shares and other assets were transferred to Asian banks, according to the Iranian weekly Shahrvand-e Emrouz.

The paper said the money withdrawal was decided by Iranian President Mahmoud Ahmadi Nejad.

Iran is under international pressure over its nuclear program, which Western powers fear is being used to covertly manufacture an atomic bomb.

Tehran has defied calls to halt its uranium enrichment activities and upholds its right to possess nuclear technology, insisting the program is for the peaceful purposes of creating energy.

Three rounds of United Nations-sanctions have been imposed on Iran since 2006.

The European Union will impose new economic sanctions on Iran, British Prime Minister Gordon Brown announced on Monday.

He said Europe would freeze the accounts of some of Iran's largest banks and would introduce new oil and gas sanctions.

However, the EU's Foreign Policy Chief Javier Solana denied any concrete decisions on the matter had been made.

Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) and is the world's fourth largest oil exporter.

Following a meeting with United States President George W. Bush in London on Monday, both Brown and Bush said Iran would face tougher sanctions if it continued to reject calls for dialogue.

Bush said he was willing to solve the issue diplomatically but added that "all options are on the table," an indication that military action against Iran's nuclear facilities has not been ruled out by the Bush administration.

judythpiazza@newsblaze.com

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