UAE to Unlock Billions of Dollars for Iran, Sources say | Dawn News English

[00:00:00]According to Reuters, citing four sources, the United Arab Emirates has agreed to unlock billions of dollars for Iran >> [music] >> in what is being described as a significant shift following weeks of Iranian attacks on the Gulf state during the US-Israeli war with Iran. [music] Two regional sources told Reuters that at least $10 billion would be released with more than $3 billion already delivered. However, two other sources with knowledge of the arrangement said the total could be as high as $20 billion and that the move [music] was linked to quiet in Iranian on the UAE. Reuters notes it could [music] not independently verify the ownership or origin of the funds. A UAE official, when asked by Reuters, denied the report stating that no frozen Iranian funds [music] have been released, transferred or facilitated through the UAE and called the allegations false and unfounded. The official also said the UAE's foreign policy is focused [music] on de-escalation and promoting regional stability. According to sources cited by Reuters, the arrangement is linked to broader efforts to reduce tensions between Iran and the United States with discussions reportedly taking place alongside a wider negotiations involving frozen Iranian oil revenues held in foreign [music] banks under US sanctions. Reuters reports that one source described the arrangement as a way for all sides to avoid crossing political red lines with Iran able to claim compensation for war damages, [music] the United States maintaining it did not make direct payments and the UAE framing the move as part of regional stabilization efforts. [music] Another source told Reuters that in return for the disbursement, Iran would halt [music] missile and drone attacks on the UAE while bilateral ties, including intelligence sharing and economic cooperation, could be rebuilt.

[00:01:42]The source also said Iran had approached at least two other Gulf countries with similar proposals. Reuters further reports that the last known direct Iranian attack on the UAE occurred on May 4th targeting Fujairah port. The White House did not immediately comment on the development. US Vice President [music] JT Wang said funds would not be released to Iran simply for signing a deal or attending meetings, adding that [music] any economic benefits would depend on Iran meeting its obligations.

[00:02:10]The UAE Foreign Ministry denied the reports while Iranian authorities also did not immediately respond to Reuters request for comment. According to Reuters, the arrangement follows weeks of back channel [music] talks between Iranian Revolutionary Guard officials and senior UAE leadership including meetings in Abu Dhabi and subsequent UAE visits to Tehran.