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The United Arab Emirates has agreed to unlock billions of dollars for Iran, pursuing a tactical shift after weeks of Iranian attacks on the wealthy Gulf Arab state amid its ongoing war with the United States and Israel, four sources told the Reuters news agency.
incided with the final stages of broader negotiations between Tehran and Washington to end the war. Diplomats say those talks involve the release of tens of billions of dollars in Iranian oil revenues frozen in foreign banks under US sanctions.
Two regional sources told Reuters that the UAE had agreed to release a total of $10bn, more than $3bn of which had already been delivered.
euters also reported that two other sources with knowledge of the ⁠arrangement put the total funds involved at $20bn, adding that the move had been agreed in return for a halt to Iranian attacks on the UAE.
The United Arab Emirates has categorically denied reports circulating in some international media outlets regarding the transfer or conversion of any funds from the UAE to the Islamic Republic of Iran, including claims concerning $3 billion,” the ministry said, adding that “no frozen Iranian funds have been released, transferred, or moved through the UAE
“The Ministry also urged media outlets to exercise accuracy and obtain information from official sources, and to refrain from circulating or publishing unsubstantiated information or claims lacking credibility
That trip was followed by a visit by UAE officials to Tehran to negotiate the details of the mechanism
Dubai’s banks have long held substantial Iranian-linked deposits, much of them now immobilised under US sanctions that police the global dollar-clearing system and expose any foreign bank dealing with blacklisted Iranian entities to being cut off from the US financial network
On April 11, a senior Iranian source told Reuters that the ‌US had agreed to release Iranian frozen assets held in Qatar and other foreign banks, although a US official swiftly denied the assertion
The source, who declined to be named due to the sensitivity of the matter, said that unfreezing the assets was “directly linked to ensuring safe passage through the Strait of Hormuz”, a key issue in talks aimed at ending the conflict
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