UAE Central Bank Bars Iran's Bank Melli from Operating in the Country
The UAE central bank has barred Iran's Bank Melli from operating in the country, citing regulatory breaches, amid wider curbs on Iranian trade and finance.
The United Arab Emirates' central bank has barred Iran's Bank Melli from operating in the country, citing breaches of regulatory requirements, in a fresh tightening of financial restrictions on Tehran.
The decision follows the UAE's move in August to suspend all trade, commercial exchanges and financial transactions with Iran until further notice.
Bank Melli, which began operations in the UAE in 1969, runs seven branches across various emirates, with its main office located in Dubai, according to its website.
The UAE has historically served as one of Iran's most important economic lifelines, and banks in Dubai have long held substantial deposits linked to Iranian entities, much of which has been immobilised under US sanctions.
It was not immediately clear whether the central bank's action represented a widening of curbs in response to US Treasury sanctions against Bank Melli. The US Treasury did not immediately respond to a request for comment.
The restrictions come amid heightened regional tensions. Since the start of the US war on Iran at the end of February, Iran has attacked neighbouring countries allied to Washington, including the UAE.