Author`s name Pravda.Ru

Iran says it is moving its foreign currency reserves out of Europe

Iran announced Friday it has begun pulling its foreign currency accounts out of European banks _ an amount analysts said could reach $50 billion _ to protect its assets from possible U.N. sanctions over its &to=http://english.pravda.ru/world/20/91/366/16728_Iran.html' target=_blank>nuclear program.

Iran also called for a reduction in &to=http://english.pravda.ru/economics/2003/03/26/45032.html' target=_blank>OPEC oil production, raising the possibility that the country's oil prowess would be deployed in the standoff with the West.