UAE to release $20 billion in frozen funds to Iran – report

The UAE Ministry of Foreign Affairs stated that no frozen Iranian assets had been transferred.

By Vered Weiss, World Israel News

The United Arab Emirates has denied reports that it is releasing frozen Iranian assets as part of efforts to halt Iranian attacks on Gulf states, disputing a Reuters report that said billions of dollars could be transferred under an emerging arrangement involving Iran.

Reuters reported that the UAE was preparing to release between $10 billion and $20 billion in frozen Iranian funds.

The report said an initial installment of $3 billion would be provided in exchange for Iran agreeing to stop drone attacks as part of a broader peace agreement between the United States and Iran.

The UAE Ministry of Foreign Affairs rejected the claim, stating that no frozen Iranian assets had been transferred and that no such transactions had been facilitated through Emirati banks.

UAE officials said the country’s foreign policy remains focused on de-escalation, reducing tensions and promoting regional peace.

At the same time, they categorically denied reports concerning the transfer of $3 billion or any broader release of Iranian funds.

The dispute comes amid a lull in direct Iranian attacks on the UAE.

During the past month, Iran has directed missiles and drones toward Kuwait and Bahrain, while the UAE has not been targeted by new strikes.

The last known direct Iranian attack on the UAE took place on May 4, when Fujairah port on the Gulf of Oman was struck.

At the height of the conflict, Iran launched thousands of missiles and drones against the UAE, targeting civilian sites as well as energy and transportation infrastructure.

The attacks reportedly hit Dubai International Airport, luxury hotels and the Port of Fujairah.

According to reports, the attacks were carried out in retaliation for US-Israeli military strikes.

The Wall Street Journal reported that the UAE later responded with dozens of covert airstrikes against Iranian targets. The reported operations included strikes on Iranian assets such as the Lavan Island refinery.

Reuters reported that the proposed release of frozen funds was linked to efforts to stop Iranian drone attacks and support a broader diplomatic arrangement involving Washington and Tehran.

UAE officials, however, maintained that no Iranian assets have been unfrozen through the country’s banking system.