Iran Withdraws $75 Billion From Europe

Does this mean that things are finally getting serious in the faceoff with Iran over their nuclear project?

From Reuters:

TEHRAN (Reuters) - Iran has withdrawn around $75 billion from Europe to
prevent the assets from being blocked under threatened new sanctions over
Tehran's disputed nuclear ambitions, an Iranian weekly said.

Western powers are warning the Islamic Republic of more punitive
measures if it rejects an incentives offer and presses on with sensitive nuclear
work, but the world's fourth-largest oil exporter is showing no sign of backing
down.

"Part of Iran's assets in European banks have been converted to
gold and shares and another part has been transferred to Asian banks," Mohsen
Talaie, deputy foreign minister in charge of economic affairs, was quoted as
saying.

EU diplomats have said the bloc is preparing an asset and funds freeze
on Iran's biggest bank, state-owned Bank Melli, but that it first wants to see
how Tehran responds to the new offer.

Iran is making windfall gains from record global oil prices and
said in April its foreign exchange reserves stood at more than $80
billion.

Iran's foreign reserves figure has been climbing steadily. Some
analysts say that, alongside rising oil revenues, Iran has been helped by its
decision to shift away from the U.S. dollar into other currencies as the dollar
has weakened.

Iran has made the shift as Washington has tried to isolate the
Islamic state, including imposing sanctions on Iranian banks. That has pushed
many Western banks to scrap dollar dealings with Iran or even end business
completely.

You think European nations will simply back down, instead of joining in our continuing efforts to sanction Iran?

If they do, will we realize that it's put up or shut up time?