UAE freezes 41 Iranian bank accounts

United Arab Emirates Central Bank has frozen 41 bank accounts in adherence to the UN sanctions that were approved against Iran on June 9.

Associated Press reports that UAE Central Bank has ordered a severing of ties with all individuals included in the blacklist of United Nation's resolution 1929 which was approved early this month to reign in Islamic Republic nuclear activities.

The Central Bank circular has been sent to all UAE banks, moneychangers, investors and financial companies.

The notice also warns "against targeting accounts and remittances by entities or individuals whose names are not listed by the resolution."

A UAE paper has described this move as a “tough rope at the gallows” for all the companies included in the UN list.

The circular maintains that the move is in accordance with the sanctions and especially aimed at non-proliferation of nuclear weapons.

Last week 40 domestic and international companies were closed down in Dubai accused of violations against United Nation’s sanctions.

Hundreds of thousands of Iranians live and run businesses in Dubai and other UAE states and they are also involved in the 10-billion-dollar import industry to Iran.

While the United Arab Emirates is considered to be a US ally, its trade is heavily dependent on its neighbouring countries.

Last year, Dubai exported to Iran $58 billion of goods which it had imported from Europe, Asia and other regions.

US analyst have suggested that Iran’s trade activities with UAE must be targeted in order to exert the maximum pressure on the Islamic Republic.

Despite all Western claims that the current trade and financial pressures on Iran are in reaction to its nuclear activities, Iran vehemently maintains that its nuclear activities are completely peaceful.