UAE Banks stop money transfers to Iran

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Most banks in the United Arab Emirates (UAE), an important trading partner for Iran, has stopped the money transfers to Iran over the latest round of sanctions against the Islamic republic.

"We stopped the transfer to Iran of all currencies in July," said an executive of an international bank, who spoke on condition of anonymity, told AFP on Sunday (05/09/2010).

UN Security Council sanctions hit Iran with the fourth round on June 9 on the controversial uranium enrichment program, which was considered the West as a hidden effort to make nuclear bombs.

United States and the European Union unilaterally impose strict punishment measures that contain provisions to punish Tehran's trading partners.

A banker told Emirates bank, the transfer to Iran in U.S. dollars and euros are now prohibited and has become very difficult, if not impossible, in dirhams, the UAE currency. "Transactions by Iran's clients are closely monitored," said a banker.

He added that some transactions by clients of Iran, such as transfer to Asia to purchase the goods, for example, are sometimes blocked. "We use relationships with several banks in Tehran, but now it is almost impossible," said a banker.

UAE officials said last month that country to impose sanctions against Iran. Reported it began taking steps to implement the latest UN sanctions against Iran in June.

UAE central bank ordered the freezing 41 bank accounts because of sanctions against Iran, according to Internet sites Emirates Business 24 / 7.

Gulf News reported, Dubai, a business center and transportation center of the UAE airline, also has closed the offices of 40 companies suspected of violating sanctions.

Iran is a significant trading partner of the UAE with a trade volume between Iran and Dubai alone is estimated to 10 billion dollars per year, most imports to the Emirate.