The United Arab Emirates has announced the suspension of all commercial activities, business transactions and financial dealings with Iran until further notice, citing rising tensions in the region.
According to the UAE Ministry of Foreign Affairs, the decision was taken amid escalating regional tensions that are posing a threat to regional and international peace and security.
UAE Foreign Ministry spokesperson Afra Al Hameli said all commercial activities, trade transactions and financial dealings with Iran had been suspended until further notice. She reaffirmed the UAE’s commitment to promoting regional peace, stability and prosperity through dialogue, cooperation and regional integration.
The UAE also reiterated its commitment to protecting the integrity of the international financial system in accordance with international law and globally recognized standards.
Iran, meanwhile, rejected allegations made by the UAE, describing them as unfounded. Iranian Foreign Ministry spokesperson Esmaeil Baghaei dismissed the Emirati claims.
The development comes amid heightened military tensions in the Middle East and growing security concerns between Iran and Gulf states. The UAE Ministry of Defence said it had detected two Iranian ballistic missiles, which it said were targeting maritime shipping.
The UAE had also recently accused Iran of targeting vessels belonging to its state-owned company ADNOC while they were passing through the Strait of Hormuz. Iran has not accepted responsibility for the reported attacks.
The suspension of trade and financial transactions could significantly affect economic relations between the two countries, while the continuing tensions have also raised concerns over shipping and global energy flows through the strategically important Strait of Hormuz.
