Press TV - The German government is reportedly studying a request by Iran to withdraw �300 million from bank accounts held in Germany and transfer the cash to the Islamic Republic.

Unnamed officials in Berlin were quoted by Bild newspaper as saying that Tehran was seeking withdraw the funds from the Europaeisch-Iranische Handelsbank AG (eihbank) in order to satisfy part of its foreign currency needs when fresh US sanctions against its financial sector take effect.

The report added that Iran had told the German Financial Supervisory Authority (BaFin) that it needed the cash from the accounts "to pass on to Iranian citizens who require cash while travelling abroad, given their inability to access recognized credit cards".

BaFin was now reviewing the request, which had been briefed to senior officials in the chancellery, foreign ministry and finance ministry, the newspaper added in its report as quoted by Reuters.

It further highlighted allegations by the US and Israel that Iran would try to use the cash for purposes other than satisfying its domestic needs. However, it cited unnamed German officials as saying that they had no indications of such plans.

In May, US President Donald Trump announced that he would pull America out of a 2015 nuclear agreement with Iran and re-impose the sanctions that the deal had envisaged to be lifted.

He has already emphasized that the sanctions which would be imposed on Iran would be �at the highest level�.

The sanctions would include a universal ban on Iran over buying or acquiring US dollars as well as restrictions over purchases of crude oil from the country and investing in its oil sector projects.