US media: UAE considers freezing billions of dollars in Iranian assets

CoinFeed reported on March 6th, citing the Wall Street Journal, that sources familiar with the matter stated that Iran has launched over 1,000 drones and missiles at targets within the United Arab Emirates. In retaliation for this action, the UAE is considering freezing approximately billions of dollars worth of Iranian assets held in its possession, a move that could sever one of Iran's most vital economic lifelines. If the UAE takes action, Iran's access to foreign exchange and its participation in global trade networks will be severely restricted, and its domestic economy, already struggling with inflation, will be further hampered. UAE officials have privately warned Iran of potential action. According to informed officials, potential measures include freezing the assets of UAE-owned "shadow companies" used to conceal trade activities, and a comprehensive financial crackdown on local currency exchange institutions used to circumvent formal banking channels for transferring funds.