The United Arab Emirates denies having transferred billions of dollars to the Iranian regime in exchange for an end to attacks

The United Arab Emirates (UAE) categorically denied on Friday reports published by the Reuters news agency alleging a transfer of funds from the UAE to the regime of Iran. In a statement, the Emirati Ministry of Foreign Affairs “stated that these allegations are completely false and baseless, emphasizing that no frozen Iranian funds have been released, transferred, or channeled through the United Arab Emirates.” The ministry also urged the media to act with “accuracy,” rely on official sources, and refrain from publishing or disseminating “unverified information and baseless accusations.”

Citing two regional sources, Reuters had reported that the United Arab Emirates had agreed to release a total of $10 billion to Iran as part of a tactical shift following weeks of Iranian attacks against the Gulf Arab state.

According to Reuters, a source with knowledge of the agreement stated that the money would be disbursed and that, in exchange, Iran would cease missile and drone attacks against the United Arab Emirates. Earlier this week, various reports indicated that Emirati officials traveled to Iran after members of the Islamic Revolutionary Guard Corps (IRGC) had previously visited the Emirates to discuss potential agreements.

Reuters also noted in its article that news of this initiative, which had not been previously reported, coincided with the final stages of broader negotiations between Tehran and Washington to end the war, talks that, according to diplomats, could include the release of tens of billions of dollars in Iranian oil revenues frozen in foreign banks due to U.S. sanctions.

Likewise, the news agency reported that a source familiar with the agreement said an initial tranche of $3 billion had already been made available. Despite this, the outlet noted that it could not determine whether the funds earmarked for the transfers belong to the United Arab Emirates or whether they come from Iranian accounts that have long been frozen within the Emirati banking system or elsewhere.