UAE to open Iranian funds frozen amid US ceasefire push | US-Israel War on Iran News

The United Arab Emirates has agreed to open up billions of dollars to Iran, following a strategic shift after weeks of Iranian attacks on the wealthy Gulf Arab state amid an ongoing war with the United States and Israel, four sources told Reuters.

The migration report agreed with the final stages of the many discussions between Tehran and Washington to end the war. Diplomats say the talks include the release of tens of billions of dollars in Iranian oil assets held in foreign banks under US sanctions.

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Two local sources told Reuters that the UAE has agreed to release a total of $10bn, more than $3bn that had already been provided.

Two other sources with knowledge of the plan put the total cost involved at $20bn, adding that the move was agreed to prevent an Iranian attack on the UAE.

One of the sources with knowledge of the plan said that the first part of $3bn had already been received.

Reuters was unable to determine whether the funds intended to be transferred belonged to the UAE or came from long-closed Iranian accounts in a UAE bank, or elsewhere.

But a UAE official, when asked to comment on the transfer, said the country was trying to resolve conflicts and promote peace.

“The UAE’s foreign policy is guided by promoting de-escalation and de-escalation of tensions throughout the region, and promoting peace and stability,” the official said.

“The UAE supports efforts, including those of the United States, to protect the people of the region from the consequences of conflict.”

The White House did not immediately respond to Reuters’ request for comment on the move.

‘Red line’ solution

Earlier on Friday, Vice President J.D. Vance said that the freeze money would not be released immediately after Iran signs the deal with the US.

He added that the potential deal was made to ensure that economic benefits would flow to Tehran if it met its demands.

There was no immediate response from Iranian officials to a Reuters request for comment on the move.

None of the sources cited by Reuters would agree to be identified because of the interest of this story.

The plan marks the beginning of an open hostility to UAE-Iran relations during the long war, when an Iranian attack destroyed hotels in Dubai, ⁠— causing some expatriates to flee and shaking the country’s reputation for security at its core as a commercial hub.

One of the sources familiar with the plan said the move provides a way to help resolve the conflict between the US and Iran without either side crossing its red line. Iran can claim to have released compensation for war damages. Washington can say it paid nothing.

Abu Dhabi, meanwhile, secures its own security and protects Dubai’s position, as it prepares to move as an investment to rebuild regional trust.

A source familiar with the plan said that in return for the money, Iran would stop attacking the UAE, and there would be a renewal of bilateral relations, including intelligence sharing and economic cooperation.

The source added that Iran had contacted at least two other Gulf Arab countries to do the same.

The last known Iranian attack on the UAE was more than a month ago – the May 4 attack on the Gulf port of Fujairah in the Gulf of Oman.

The first source with knowledge of the plan said the talks started a few weeks ago but were accelerated when senior officials of the powerful Iranian Armed Forces traveled to Abu Dhabi last week to meet with Sheikh Tahnoun bin Zayed al Nahyan, the UAE’s national security adviser and deputy ruler of Abu Dhabi, and stayed at his guest house.

The visit was followed by a visit by UAE officials to Tehran to discuss the details of the machine.

Cold cash

Dubai’s banks have long held large deposits linked to Iran, many of which are now floundering under US sanctions that oversee the global money laundering system and expose foreign bank dealings with unspecified Iranian entities that have been removed from the US economy.

On April 11, an Iranian official told Reuters that the US had agreed to release Iranian assets held in Qatar and other foreign banks, although a US official quickly denied the claim.

The source, who refused to be named due to the sensitivity of the matter, said that the removal of the goods “was directly related to ensuring the smooth flow of the Strait of Hormuz”, an important issue in the negotiations aimed at ending the conflict.