Set to freeze billions in Iranian assets? UAE weighs response to Iran attacks

The UAE is considering freezing key Iranian assets held in the Gulf state to curb Tehran’s access to foreign currency and global trade amid the ongoing Middle East crisis.According to the Wall Street Journal, UAE authorities are weighing measures ranging from freezing the assets of UAE-based shadow companies used to mask trade, to a sweeping financial crackdown on local currency exchanges that facilitate money movement outside formal banking channels. Additionally, accounts affiliated with the Islamic Revolutionary Guard Corps are likely to be key targets.Meanwhile, the UAE is also reportedly considering direct maritime action, such as seizing Iranian ships, according to WSJ sources.UAE officials have reportedly warned Iran privately about the possible actions they could take. However, it is unclear when or if the government will act.The tensions between Iran and the joint US-Israel forces entered their seventh day after the latter launched an airstrike that killed Supreme Leader Ayatollah Ali Khamenei.Tehran has warned of the destruction of the Middle East’s military and economic infrastructure, and the conflict has rattled financial markets.The war has reportedly killed at least 1,230 people in Iran, more than 70 in Lebanon, and around a dozen in Israel, according to officials from those countries.US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu defended the offensive, arguing that Iran posed an imminent threat.“If we didn’t do it first, they would have done it to Israel and given us a shot, if that was possible,” Trump said.