"No assets from Iranian banks have been withdrawn or will be withdrawn from European banks to Iran or other countries," said Ali Divandari, managing director of Bank Mellat, a leading Iranian state-owned commercial bank.

"Such an issue has not ever been put forward," Divandari said. "There is no reason for such a transfer of the money."

Iran's Shahrvand-e Emrouz weekly magazine on Monday reported that the Iranian government had withdrawn about 75 billion US dollars from European banks amid fears the funds could be frozen under planned new sanctions over the Iranian nuclear program.

The report quoted Iranian Deputy Foreign Minister Mohsen Talaieas saying that part of Iran's assets in banks in Europe has been converted to gold and securities, and the other part has been transferred to Asian banks.