UAE explores freezing Iranian assets to punish Tehran for attacks, WSJ reports
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Smoke billows from Jebel Ali port after an Iranian attack, following US and Israel strikes on Iran, in the United Arab Emirates, on March 1.
PHOTO: REUTERS
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The United Arab Emirates (UAE) is weighing freezing billions of dollars of Iranian assets held in the Gulf state, a move that could curb Tehran’s access to foreign currency and global trade amid the US-Israeli military conflict, the Wall Street Journal reported on March 5.
Reuters could not immediately confirm the report. The Emirati Foreign Ministry did not immediately respond to a Reuters’ request for comment outside business hours.
The UAE authorities are weighing measures ranging from freezing the assets of UAE-based shadow companies used to mask trade to a sweeping financial crackdown on local currency exchanges which are used to move money outside of formal banking channels, the report said, citing officials familiar with discussions.
If the UAE decides to move on Iran’s shadow-financing empire, a key target would be accounts affiliated with the Islamic Revolutionary Guard Corps, the report added.
UAE policymakers are also considering direct maritime action, such as seizing Iranian ships, the report said, citing two of the officials familiar with the discussions.
The US and Israel launched coordinated strikes on Iran on Feb 28
UAE officials have privately warned Iran of the possible action it could take on Tehran, the report said, adding that it was not clear when or if the government would act. REUTERS
