UAE denies reports of releasing billions to Iran amid U.S.-Iran talks

The United Arab Emirates has reportedly agreed to unlock billions of dollars for Iran, a tactical shift occurring after weeks of Iranian attacks on the wealthy Gulf Arab state during its conflict with Israel. Four sources familiar with the matter revealed the agreement, which has not been previously reported.

This development aligns with the final stages of wider negotiations between Tehran and Washington. Diplomats suggest these talks could lead to the release of tens of billions of dollars in Iranian oil revenues currently frozen in foreign banks due to U.S. sanctions. Two regional sources indicated the UAE agreed to release a total of $10 billion, with over $3 billion already delivered. Other sources put the total funds at $20 billion, contingent on a halt to Iranian attacks on the UAE.

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The UAE's foreign policy is guided by promoting de-escalation and reducing tensions across the region, while advancing lasting peace and stability. The UAE supports efforts, including those undertaken by the United States, to protect the peoples of the region from the repercussions of conflict.

However, the UAE foreign ministry issued a strong denial early Saturday, categorically refuting reports of the transfer and calling allegations concerning $3 billion "entirely false and unfounded." The ministry stressed that no frozen Iranian funds have been released, transferred, or facilitated through the UAE, without providing further specifics. An official, when asked by Reuters, stated the UAE's foreign policy prioritizes de-escalation and regional peace, supporting U.S. efforts to protect regional populations from conflict repercussions.

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The UAE statement affirmed that these allegations are entirely false and unfounded, stressing that no frozen Iranian funds have been released, transferred or facilitated through the UAE.