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.
The exclusive report on the move coincided 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.
Reuters 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.
One of the sources with knowledge of the arrangement also said a first tranche of $3bn had already been made available.
Shortly after Reuters reported on the unlocking of funds, the UAE Foreign Affairs Ministry issued a statement denying the claims.
“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.”
Reuters could not establish whether the funds earmarked for the transfers belong to the UAE or originate in long-blocked Iranian accounts in the UAE banking system, or elsewhere.
But a UAE official, asked to comment on the transfer, said the country was trying to ease tension and foster peace.
“The UAE’s foreign policy is guided by promoting de-escalation and reducing tensions across the region, while advancing lasting peace and stability,” the official said.
“The UAE supports efforts, including those undertaken by the United States, to protect the peoples of the region from the repercussions of conflict.”
The White House did not immediately respond to Reuters’s request for comment on the move.