UAE denies reports of fund transfer to Iran

The United Arab Emirates said it has not released or transferred any frozen Iranian funds, rejecting media reports that it agreed to unlock billions of dollars for Iran. In a statement to CNBC, the UAE Ministry of Foreign Affairs said the claims were “entirely false and unfounded.” Reuters had previously reported, citing unnamed sources, that the UAE may have agreed to release funds amid shifting regional tensions and recent attacks. The report said the proposed transfer could have involved as much as $20 billion, though the news agency noted it could not verify whether the money belonged to the UAE or came from longfrozen Iranian accounts. The UAE’s denial comes as Gulf states continue to face pressure over enforcement of sanctions and financial activity linked to Iran.