Report: UAE secretly transferred billions of dollars to Tehran

Regional sources told Reuters that Abu Dhabi has already transferred more than $3 billion to Iran’s clerical regime, as part of a broader deal worth between $10 billion and $20 billion. The report surfaced amid the decisive stage of negotiations between Tehran and the White House over ending the fighting, discussions that are believed to include the release of Iranian capital frozen in foreign banks by the American economic blockade.

According to the sources, one version of the arrangement called for a $10 billion transfer, with about $3 billion already delivered. Other estimates put the overall package near $20 billion, in return for Iran halting attacks on the United Arab Emirates.

The UAE strongly denied the claims. Its foreign ministry said the reports about moving or releasing frozen funds were “completely false” and had “no factual or credible basis.”

The backdrop is a large volume of Iranian deposits held in Dubai banks, much of it now under scrutiny because of U.S. sanctions. Global banking regulators are threatening to cut off any financial institution that deals with Iranian entities on blacklists, a move that could bar those banks from the American clearing system.