Iran looks to withdraw $350 million from German bank

Iran has requested to withdraw hundreds of millions of dollars from a German bank, local media have reported, as US sanctions on Tehran begin to bite.

German financial authorities are considering the appeal from Tehran to retrieve 300 million Euros ($365 million) in funds from the Europaeisch-Iranische Handelsbank AG (eihbank), according to Bild daily. 

Tehran is reportedly concerned that it could run out of hard currency once US sanctions take hold, which are expected to tighten Iran's ability to access international financial markets and banks.

The money sought by Iran is said to be in order to give to nationals travelling abroad, and who will not be able to access credit cards due to the new financial restrictions.

The German Financial Supervisory Authority (BaFin) is now considering Tehran's request, and consulting the government before it makes a decision.

Iran has been slapped with new sanctions since President Donald Trump announced in December the US was withdrawing from a nuclear agreement with Tehran.

Trump's administration has ordered all countries to stop buying Iranian oil and said it would blacklist businesses dealing with Tehran.

A number of European companies are now considering pulling out of deals with Iran due to the harsher line taken by the US.

Germany and other European countries have been working hard to keep the nuclear agreement alive, which will see Iran curb its nuclear ambitions in return for sanctions relief.