Abu Dhabi, United Arab Emirates. The United Arab Emirates has agreed to release billions of dollars to Iran, four sources said, in what they described as a tactical shift after weeks of Iranian attacks on the Gulf state during the US-Israeli war with the Islamic Republic. The reported move comes as broader negotiations between Tehran and Washington enter their final stages, with diplomats saying talks could include the release of tens of billions of dollars in Iranian oil revenues frozen in foreign banks under US sanctions.
Details of the reported arrangement
Two regional sources told Reuters that the UAE had agreed to release a total of $10 billion, with more than $3 billion already delivered. Two other sources with knowledge of the arrangement put the total at $20 billion and said the move was agreed in return for a halt to Iranian attacks on the UAE. One of those sources also said a first tranche of $3 billion had already been made available.
Uncertainty over origin of funds
Reuters said it could not establish whether the funds earmarked for transfer belong to the UAE or originate in long-blocked Iranian accounts in the UAE banking system or elsewhere.
Official response from the UAE
A UAE official, asked to comment on the transfer, said the country was seeking to ease tension and foster peace. “The UAE’s foreign policy is guided by promoting de-escalation and reducing tensions across the region, while advancing lasting peace and stability,” the official said. “The UAE supports efforts, including those undertaken by the United States, to protect the peoples of the region from the repercussions of conflict.”
Context of attacks and US response
According to the report, Iran last attacked the UAE directly on May 4. The White House did not immediately respond to a request for comment on the reported move.
Comments from Washington
In Washington, Vice President JD Vance said on Friday that funds would not be released to Iran for signing a deal with the United States or attending a meeting. He added that the potential deal is structured to ensure that economic benefits would flow to Tehran if it meets its obligations.