Freezing Iranian bank accounts in UAE denied

Business Materials 26 July 2010 11:49 (UTC +04:00)

An Iranian Foreign Ministry official refuted claims that accounts related to 41 Iranian firms in the United Arab Emirates had been frozen.

Jalal Firooznia said that the companies in the UAE were continuing their work, ISNA news agency reported on Saturday.

Prior to this, officials of both countries had confirmed that 41 bank accounts of Iranians residing in the UAE had been frozen and representatives of the Iranian private sector had warned that this action would lessen trade between the two countries.

In this regard, prominent figures of Iran's private sector had explained that the frozen accounts belonged to government-affiliated companies mentioned in the sanctions imposed against Iran and managers of these companies.

Nonetheless, the sanction-related measures taken by the UAE have resulted in a decline in trade between the two countries.