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Iran shifts assets held in Europe as sanctions loom
[January 23, 2006]

Iran shifts assets held in Europe as sanctions loom


(Evening Standard (London) (KRT) Via Thomson Dialog NewsEdge) Jan. 20--Iran is pulling its foreign assets out of European bank accounts amid the threat of UN sanctions over its nuclear programme. The assets, valued at more than $36 billion (20 billion), are being shifted to an undisclosed location, a senior Iranian official confirmed.



Swiss banks, a traditional haven for offshore wealth, said they would welcome the money. In 1979, Iranian money held in the US was frozen shortly after the start of the Islamic revolution.

Mounting tensions with Iran helped push the oil price back towards $70 a barrel today. US crude rose 27 cents to $67.10, while London-traded Brent was up 49 cents at $65.72. The renewed threat of Al Qaeda terrorist attacks also soured sentiment.

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