The bank has expanded its regulations so as to include a section on "cash payment transfers,” German daily Bild reported.

Tehran had requested to withdraw €300 million cash from its bank accounts in Germany earlier in July. Deutsche Bank’s new decision will prevent the cash transfer.

The US president announced on May 8 that Washington was withdrawing from the 2015 nuclear agreement and that he plans to reinstate US nuclear sanctions and "the highest level" of economic bans on Iran. The new batch of US sanctions will come into effect by August.

According to Bild, Iran told the German Financial Supervisory Authority (BaFin) it needed the cash from the accounts “to pass on to Iranian citizens who require cash while travelling abroad, given their inability to access recognised credit cards."

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