US Attempts to Stop Cash Transfer from Germany to Iran
The US Ambassador in Berlin has asked Germany to prevent the transfer of 300 million euros in cash from the country to Tehran. Iran’s intention to transfer cash through air transport is driven by concerns that the funds could be blocked due to US sanctions.
Richard Grenell, the US Ambassador to Germany, has called on the German government to prevent Iran’s plan to transfer 300 million euros in cash from Berlin to Tehran. In statements published in Tuesday’s edition (July 10 / Tir 19) of the German newspaper “Bild”, Grenell stated: “We are encouraging the German government at the highest level to intervene and prevent such action”.
The US Ambassador to Germany added: “We are deeply concerned about reports of the Iranian regime’s efforts to transfer hundreds of millions of euros in cash from a German bank to that country”.
Iran intends to transfer 300 million euros in cash by aircraft from Germany to Tehran to circumvent the blocking of banking transfers due to US sanctions against the Islamic Republic.
The Islamic Republic specifically wants to withdraw funds from its government accounts at the “Iran and Europe Trade Bank” in Hamburg, Germany. A spokesperson for the German Finance Ministry stated that Iran’s intention is currently under review. The responsible authority examining such action is the German Federal Financial Supervisory Authority (BaFin) based in Frankfurt and Bonn.
It is unclear when the German Federal Financial Supervisory Authority will announce the results of its review. The organization told Deutsche Welle Farsi yesterday: “Regarding the time needed for reviewing a request, no general answer can be given. This time depends on the type of request and the matters that need to be examined”.
The type of request submitted by the German government for reviewing Iran’s request at the financial supervisory authority falls under a “motive review” request. According to the press spokesperson of this authority in an interview with Deutsche Welle Farsi, this type of request is made to obtain “sufficient and clear information regarding the process of conducting a transaction”.
Following the US withdrawal from the nuclear agreement with Iran known as the JCPOA and the announcement of new US sanctions against the Islamic Republic, Iran has had increasing difficulty accessing funds in its accounts at banks in other countries. The United States has also threatened banks and financial institutions worldwide that they will face sanctions if they provide direct or indirect support to the Islamic Republic in banking transfers.
