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The United Arab Emirates has agreed to unlock billions of dollars for Iran, Reuters reported on June 12, citing four sources with knowledge on the matter.
The development came as a deal between the U.S. and Iran to end war is reported to be just a few days away, with reports suggesting that the agreement could involve the release of tens of billions of dollars in Iranian oil revenues frozen in foreign banks under American sanctions.
Two regional sources told Reuters the UAE has agreed to release a total of $10 billion, more than $3 billion of which had already been delivered.
Meanwhile, two other sources put the total funds involved at $20 billion, adding that the move had been agreed in return for a halt to Iranian attacks on the UAE. One of the sources also said a first tranche of $3 billion had already been made available.
But a UAE official, asked by Reuters to comment on the transfer, said that the country is 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 UAE took the brunt of Iranian retaliatory strikes after the start of the American-Israeli war on the Islamic Republic, and was attacked even amid the fragile ceasefire.
Just a day earlier, Bloomberg News reported that senior national security officials from the UAE and Iran held a face-to-face meeting for the first time since the start of the war.
The recent reports didn’t clarify, however, if the UAE’s recent moves are linked to the upcoming deal between the U.S. and Iran.
Iran’s Mehr news agency published earlier on June 12 a draft deal with the U.S. which would, if adopted, secure the release of $24 billion in frozen assets within a 60-day period.
The semi-official news agency, citing a source close to Iran’s negotiating team, said that an accord would allow for the “release of $24 billion of Iran’s blocked funds during the 60-day final negotiation period.” It added that half of that sum would be “made available to Iran before the start of negotiations.”
However, a later report by Axios said that the deal will not address the fate of Iran’s billions of dollars of frozen assets around the world.
Commenting on these reports, U.S. Vice President JD Vance said that funds will not be released to Iran for signing a deal or attending a meeting, adding that the potential deal is structured to ensure that economic benefits would flow to the Islamic Republic if it meets its obligations.
The UAE’s agreement with Iran would not have been possible without the approval of the U.S., which means that it could be related, or even a part of the upcoming deal.
In any case, the UAE stands to gain much from the agreement as it will guarantee that there will be no further Iranian strikes, if for example Israel decides to attack the Islamic Republic post the peace deal.
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