UAE to freeze billions in Iranian assets following strikes
The UAE's move to freeze Iranian assets will hit Iran’s economy hard, as it is straining under high inflation, unrest and now a war.
The United Arab Emirates has started the process of freezing Iranian assets following strikes by Tehran, a source familiar with the matter told Al-Monitor on condition of anonymity, marking a sharp escalation in the economic dimension of the war that erupted on Feb. 28.
What happened: The Emirates followed through Friday morning on its threat to freeze “billions of dollars” in Iranian assets. The Wall Street Journal first reported on Thursday that the UAE had been weighing the option, saying it would sever an economic lifeline that allowed Iran to access foreign currency and global trade networks.
The newspaper reported that Emirati authorities had warned Iranian officials the move was under consideration, citing people familiar with the discussions.
The report did not detail which assets would be frozen nor their value.
