TODAY.AZ / Politics

Iran says moving assets

20 January 2006 [19:57] - TODAY.AZ
Embroiled in a nuclear standoff with the West, Iran said on Friday it was moving its foreign assets to shield them from possible U.N. sanctions, and flexed its oil muscles with a proposal to cut OPEC output.

"Yes, Iran has started withdrawing money from European banks and transferring it to other banks abroad," said a senior Iranian official, who asked not to be named, Reuters correspondent Parinoosh Arami reports.

Central Bank Governor Ebrahim Sheibani was quoted earlier as saying Tehran had started shifting funds, but he sidestepped a question on whether the assets would go to accounts in Asia.

It is far from clear how placing assets in Asia or anywhere abroad would protect them from being frozen as few governments or major banks would be willing to flout U.N. sanctions openly.

URL: http://www.today.az/news/politics/22299.html

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