Business Chamber member: If Iran’s resources in the UAE are blocked, it could be a large number

🔸A member of the Iran Chamber of Commerce warned about the likelihood of Iran’s assets and Iranian banks being blocked in the United Arab Emirates, following the halt of financial and trade dealings between the two countries.

🔸Ali Shariati said on Friday, 30 Mordad, in an interview with ILNA that it is not yet clear what effect the new decision by the UAE would have on the activities of the branches of Iranian banks in this country, and he asked the minister of economy to clarify the matter.

🔸He said, “I hope the new law does not lead to the blocking of Iran’s resources in this country,” and added that if Iranian assets are frozen, the figure sought by intermediary companies or Iranian banks “could be a large number.”

🔸On Wednesday, the UAE announced that it will suspend all trade, commercial transactions, and financial transactions with Iran until further notice. The decision was announced after Abu Dhabi accused Tehran of firing two ballistic missiles at maritime traffic; Iran has rejected the accusation.

🔸Reuters reported on Thursday, in a report on the two countries’ economic ties, that Dubai’s banks have long held significant deposits linked to Iran and that much of these resources have effectively become non-transferable following U.S. sanctions.

🔸So far, UAE officials have not reported issuing orders to seize or block existing assets of Iran, Iranian banks, or Iranian citizens in this country.

🔸On Thursday, Scott Bessent, the U.S. Treasury secretary, said Washington’s plan to sharply increase economic sanctions against Iran “will be the largest coordinated economic isolation in world history.”