Monday 09, July 2018 by Kudakwashe

Iran seeks to withdraw its EUR 300 million in German banks to counter US sanctions


Iran told the German Financial Supervisory Authority (BaFin) it needed EUR 300 million from the accounts to pass on to Iranian citizens that require cash while travelling abroad given their inability to access recognised credit cards.

Iran is seeking to withdraw its funds from the Europaeisch-Iranische Handelsbank (eihbank) in a bid to mitigate liquidity when fresh US sanctions against its financial sector take effect, reported Reuters.

International firms are distancing themselves from Iran for fearing they maybe entangled in US sanctions--one of which is France’s CMA CGM, the world’s biggest cargo shipping lines, which announced on Saturday it was pulling out of Iran after US President Donald Trump abandoned the 2015 nuclear agreement in May.

BaFin is currently reviewing the request, which had been briefed to senior officials in the chancellery, foreign ministry and finance ministry.



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