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Local banks in the United Arab Emirates have stepped up pressure on Iranian firms by freezing their assets and refusing to deal with merchants doing business with Iran, a newspaper reported on Monday.
Most local Emirati banks have stopped serving Iranian businessmen whose merchandise was headed for or dispatched from Iran, Hamid Hosseini, a member of Iran's Chamber of Commerce, told Sarmayeh newspaper.
He added that among 12 local banks only two or three would open letters of credit for Iranians "under very difficult circumstances".
Iran is under international banking sanctions over its controversial nuclear programme and the United States, which is leading efforts to thwart the atomic drive, has pressured its Arab allies to restrict their ties with Iran.
"Some local Emirati banks open accounts for these [Iranian] firms but they seriously control them and recently froze the assets in these accounts under the pretext of suspicious transactions," Pedram Soltani, a member of Tehran Chamber of Commerce, said.
He added that international banks are refusing to open accounts for UAE-registered intermediary firms whose investors or chief executives are Iranian.
UAE is Iran's top trading partner and there are an estimated 450,000 Iranians living there. About 10,000 Iranian firms operate in the country, chiefly Dubai, according to Iranian figures.
Iranian statistics put bilateral trade at $11.7 billion in the Iranian year ending in March 2007, with imports from the UAE forming the bulk of the exchanges at $9.2 billion.
Iran denies Western allegations of trying to develop nuclear weapons, insisting its atomic programme is peaceful. It has pressed on with the nuclear work despite sanctions.
If sharia law is so great, what are you doing here?
Here in the West we have different laws. That's why you can openly admit to being a Muslim... more
I honestly think that part of the problem lies in the fact that unqualified agents carry out property appraisals and start advertising the property based... more
Tuesday, 3 September 2013 10:21 AM - MoeThis is discrimination pure and simple and some might argue an abuse of patients human rights. It is a very disappointing development from a progressive... more
Monday, 2 September 2013 3:23 PM - Betsy B Mathieson
If sharia law is so great, what are you doing here?
Here in the West we have different laws. That's why you can openly admit to being a Muslim... more
Perhaps, he was referring to the movie "300". In that case, be very very scared Prince Bandar! more
Sunday, 1 September 2013 9:12 AM - ThisIsNotSpartaaaaaaaaaaa
Look how media is trying to put emphasis on her nationality, supporting the case with complaints of scared ones.
Don't you realize that your articles... more
@faisal:
The day they say we the expats have to go. there is no denying abt it. But the concern is 500 dh for many marginal labourers which most of... more
very true Victory
That DM article is shocking in the extreme at how lenient he and the station were treated.
Reverse it in the UK and all... more
If sharia law is so great, what are you doing here?
Here in the West we have different laws. That's why you can openly admit to being a Muslim... more
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