UAE denies 'false' reports of fund transfer to Iran
The statement follows a Reuters report that the UAE has agreed to unlock billions of dollars of frozen funds for Iran.
TL;DR
- The UAE government has denied reports that it has agreed to release billions of dollars of frozen funds to Iran.
- The Ministry of Foreign Affairs stated that the allegations are false and unfounded, with no frozen Iranian funds released, transferred, or facilitated through the UAE.
- A Reuters report had previously cited four unnamed sources claiming the UAE agreed to unlock funds, with estimates ranging from $10 billion to $20 billion.
- The Reuters report suggested this move was a tactical shift following attacks on Emirati targets and in return for a halt to Iranian attacks.
- Dubai has historically served as a financial corridor for Iranian businesses to bypass sanctions, with shell companies and informal exchange houses masking the origin of funds.
- The U.S. has been pressuring the UAE to dismantle these networks and has sanctioned UAE-based entities for insufficient enforcement.