Iran shifts assets out of European banks

Iran has transferred assets out of European banks in its latest effort to defend itself against the effects of sanctions that are part of what Iranian officials have called an "economic war" against the country by the United States and other Western countries. Iran's "Central Bank had previously specified a list of its banking reserves in Europe and has transferred them," the bank's governor, Mahmoud Bahmani, was quoted as saying by Iran's semiofficial Fars news agency on Saturday. Mr. Bahmani did not specify the amount or date of the transfers but said the move had been envisioned "six months in advance" of the new round of trade and financial restrictions placed on Iran by Western nations because of their concerns over the nature of Iran's nuclear program. "We are currently facing an all-out economic war and we have to be completely prepared," Mr. Bahmani told a conference on Islamic banking here on Saturday.