Most banks in the United Arab Emirates (UAE), an important trading partner for Iran, has stopped transferring money to Iran as the latest round of sanctions against the Islamic Republic.
“We stop the transfer to Iran in any currency in July,” said an executive with an international bank. UN Security Council pressure Iran with sanctions fourth round on June 9 on the controversial uranium enrichment program, which was considered the West as a hidden effort to make nuclear bombs.
United States and the European Union unilaterally impose strict punitive measure that contains provisions to punish Tehran’s trading partners.
A banker told Emirates bank, the transfer to Iran in U.S. dollars and euros are now prohibited and has become very difficult, if not impossible, in dirhams, the currency of the UAE. ”The transaction by a client of Iran is always monitored,” said the banker.
He added that some transactions by clients of Iran, such as transfer to Asia to buy goods, for example, is sometimes blocked.”We use relationships with several banks in Tehran, but now almost impossible,” said the banker.
UAE officials last month said the country had imposed sanctions on Iran. Reported it began taking steps to implement the latest UN sanctions against Iran in June.
UAE central bank ordered the freezing 41 bank accounts because of sanctions against Iran, according to Internet sites Emirates Business .
Gulf News reported, Dubai, a business center and transportation hub of the UAE airline, also has closed the offices of 40 companies that allegedly violated the sanctions.
Iran is a significant trading partner with the UAE’s trade volume between Iran and Dubai alone is estimated at 10 billion dollars per year, mostly imported to the Emirate.