The chairman of the Iran-UAE Joint Chamber of Commerce stated that in reprisal for freezing 41 bank accounts of Iranian businessmen in the UAE, Iran would limit trade with the United Arab Emirates.
ISNA news agency quoted Masoud Daneshmand as saying that the Emirates overdid itself in regard to the UN resolution passed for sanctions against Iran and froze the accounts of the managers of companies which had been named in the document.
"We don't approve the Emirati behavior because they are taking measures of their own volition which they are not required to take by the Security Council resolution and Iranian traders don't like this," he stated.
Last week a member of Iran's Chamber of Commerce, Industries and Mines has stated that the Iranian bank accounts which have been frozen by the United Arab Emirates did not belong to key traders.
Hamid Hosseini told ISNA news agency that the accounts were mainly opened by a number of organizations and departments which have branches in the UAE.
For years, the Islamic republic has had active trade relations with Dubai, one of seven emirates making up the UAE, with the trade volume estimated at around $10 billion a year, mostly in Iranian imports.
On June 9, the UN Security Council slapped a fourth round of sanctions on Iran over its nuclear drive, this time tightening the noose on military and financial transactions.