Iranian deputy: UAE released $700 million of Tehran's frozen funds

Iranian deputy: UAE released $700 million of Tehran's frozen funds

An Iranian MP said Sunday that the UAE has released $700 million of Iran's frozen funds, pointing out that it is working to restore its relations with Tehran.

Ali Akbar Turki, a member of parliament, was quoted by the local MEHR news agency as saying that the UAE has released $700 million of Iran's frozen funds.

The MP added that the UAE's relations with Iran with regard to the currency had improved and that some (closed) Iranian exchange offices in Dubai had resumed operations.

Turki said the UAE has revised its relations with Iran.

"The Emiratis also realized that Western countries and Saudi Arabia cannot provide security for their country under the current circumstances," he said.

He explained that the UAE presents itself as Switzerland of the East, but its trade, banking, energy and navigation sectors depend on security, and know that those sectors cannot prosper.

The Deputy did not elaborate on the frozen funds or the occasion of their freezing.

The iranian MP's remarks come at a time when officials in Tehran have also pointed to improved relations between Iran and the UAE.

"The Emiratis have taken an initiative to settle political issues with Iran," the source said.

There was no immediate comment from Abu Dhabi on the Iranian MP's statement.


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