The threat of an international financial blockade facing Iran due to the ineffectiveness of recent international negotiations on the national nuclear program is forcing Iranians to transfer their personal savings abroad or convert them into gold.

According to The Washington Times, since Mahmoud Ahmadinejad took office last August, about $200 billion has been taken out of the country. In addition, during these months, the purchase of gold sharply intensified on the domestic Iranian market (the nature of which the newspaper calls “panic”). As a result, the value of the Iranian stock market has fallen by at least 20 percent recently, despite the region's overall trend toward financial growth.

Last week it became known that most European banks have stopped accepting money transfers from Iranian banks. Meanwhile, according to local media reports, Iranian authorities have now moved most of their foreign currency assets from banks in Europe, fearing that they might be frozen there. However, the publication does not specify which countries the Iranian authorities are transferring their money to.

Recently, Tehran rejected the call of the Six countries on the nuclear settlement (Russia, the USA, Great Britain, France, Germany and China) to abandon uranium enrichment in exchange for broad economic and political preferences. Thus, Iran has increased the likelihood of sanctions being imposed by the international community, which may include an economic blockade of the country.

The Iranian leadership continues to say that it is ready for negotiations, but does not intend to stop uranium enrichment work.

Iranians are rushing to take money out of the country