UAE Banks Refuse Business with Iran
In the wake of international sanctions placed on Iran over its nuclear program, many banks in the United Arab Emirates have frozen assets of Iranian firms and refused to do business with Iranian merchants. Iran is suffering from sanctions that have been placed on the country, largely as a result of pressures from the United States on the Arab nations surrounding Iran. This move could heavily impact the Islamic republic as the UAE is Iran’s top trading partner with approximately 450,000 Iranians living there and 10,000 Iranian firms operating in the area. Iranian President Ahmadinejad has been criticized recently for his hard-line stance regarding Iran’s nuclear program, which is one of the most important reasons for sanctions. Iran will struggle economically if this continues, as the country is facing a 10% unemployment rate and 30% inflation.
Steven Craig
