No small money. Withdrawal of $75 billion from EU banks before Brown announced to freeze overseas assets of Bank Melli Iran

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Iran has withdrawn around $75 billion from Europe to prevent the assets from being blocked under threatened new sanctions over Tehran's disputed nuclear ambitions, an Iranian weekly said. "Part of Iran's assets in European banks have been converted to gold and shares and another part has been transferred to Asian banks," Mohsen Talaie, deputy foreign minister in charge of economic affairs, was quoted as saying.

Iranian officials were not immediately available to comment on the report in Shahrvand-e Emrouz, a moderate weekly, which did not specify the time period for the withdrawals which it said were ordered by President Mahmoud Ahmadinejad.

"About $75 billion of Iran's foreign assets which were under threat of being blocked were wired back to Iran based on Ahmadinejad's order," the weekly said. Iran's Etemad-e Melli newspaper, also quoting Talai, last week also reported that the world's fourth-largest oil exporter was withdrawing assets from European banks but did not give any figures.

Britain will freeze overseas assets of Iran's largest bank, Bank Melli. "Action will start today," Prime Minister Gordon Brown said on Monday.

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Photos Courtesy of Reuters and The Jerusalem Post

Original Source: Javno and Associated Press