posted on Jan, 20 2006 @ 09:20 AM
The Iranian government said that it has begun preparing for the possibility of UN Security Council sanctions being levied against it in the midst of a
row with the West over its nuclear program. Iranian officials indicate the country is now withdrawing assets from European banks and going forward
with a proposal to cut petroleum production for OPEC, a move that could put further pressure on the price of oil. It's unclear how effective these
actions would be as most nations Iran could deposit its assets in are expected to respect any UNSC resolution passed against it.
TEHRAN (Reuters) - 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.
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.
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It looks like Iran is starting to get a bit worried. I just hope the West keeps a united front, it could end in a good result in the unravelilng of
the current Iranian theocratic regime. Some more temporary pain at the pump, probably the only thing Iran could cause, would be worth ridding the
world of this menace.
[edit on 1/20/2006 by djohnsto77]