The United Arab Emirates has agreed to release billions of dollars to Iran, according to four sources, in a tactical shift following weeks of Iranian attacks on the wealthy Gulf Arab state during the US-Israeli war against the Islamic Republic.
News of the measure, which had not previously been released, coincides with the final stages of broader negotiations between Tehran and Washington to end the war, talks that diplomats say could involve the release of tens of billions of dollars in Iranian oil revenues frozen in foreign banks under US sanctions.
Two regional sources told Reuters that the UAE had agreed to release a total of US$10 billion, of which “more than US$3 billion” had already been delivered.
Two other sources with knowledge of the agreement estimated the total funds involved at US$20 billion, adding that the measure had been agreed in exchange for the suspension of Iranian attacks on the United Arab Emirates.
One of the sources with knowledge of the deal also said that a first installment of US$3 billion had already been made available.
Reuters was unable to determine whether the funds earmarked for the transfers belong to the UAE or whether they originated in long-blocked Iranian accounts in the UAE banking system or elsewhere.
