UAE Denies $10 Billion-$20 Billion Iran Funds Release as Reports Claimed $3 Billion Already Sent
Updated
Updated · CNBC · Jun 13
UAE Denies $10 Billion-$20 Billion Iran Funds Release as Reports Claimed $3 Billion Already Sent
3 articles · Updated · CNBC · Jun 13
Summary
The UAE said Saturday that no frozen Iranian funds had been released, transferred or facilitated through its financial system, rejecting reports of a multibillion-dollar arrangement with Tehran.
Those reports, citing unnamed sources, said Abu Dhabi had agreed to unlock $10 billion to $20 billion in exchange for a halt to Iranian attacks, with a first $3 billion tranche already made available.
Reuters said the alleged shift followed hundreds of attacks on Emirati military targets and infrastructure since the U.S.-led war began on Feb. 28; the UAE has avoided Iranian projectiles over the past week while Kuwait and Bahrain were hit.
The dispute spotlights Dubai's long-running role as a sanctions-evasion corridor for Iranian business, a network Washington has pressed the UAE to dismantle and for which the U.S. Treasury has already sanctioned UAE-based entities.