Uh, not quite. A large portion may still be in Swiss banks. Last I checked, Switzerland was still in Europe.
if Iran thinks they face a real prospect of any sanctions or an embargo, they will want all their money where they can actually get at it. Makes sense what it sounds like they are doing, assuming they are not intending to back down on their nuclear programme.. Move their money out of the west and into countries/banks that will not restrict their finances when under sanctions. fifty billion euros would buy a lot of bombs, bullets and explosives were they to be invaded, i'd imagine they are thinking...??
Countries have reduced dollar assets, since PRC reduced dollar weight in its reserves. More recently, PRC floated its first yuan-denominated currency swap. PRC has taken my first steps in replacing US as the consumer of last resort: among other steps, float yuan; evelope both liquid and transparent PRC debt market.