Official: UAE complying with US curbs on Iran

Trade with Islamic Republic set to fall this year and in 2019

The United Arab Emirates is fully complying with sanctions imposed this month by the United States on Iran even though it will mean a further drop in trade with Tehran, a UAE Economy Ministry official told Reuters yesterday.

Washington announced on November 5 a series of sanctions targeting Iran’s banks, shipping sector, national airline and 200 individuals after President Donald Trump pulled the US out of an international nuclear deal with Tehran.

“We are implementing the sanctions,” Abdullah Al Saleh, Undersecretary of the Ministry of Economy, said in an interview in Dubai.

The UAE is enforcing the US sanction regime “as it is published by the United States”, Al Saleh said, adding that the relevant authorities would ensure compliance.

Al Saleh said the UAE’s trade with Iran is expected to decline this year and next year due to the sanctions, after falling to $17 billion (Dh62.44 billion) in 2017 from a peak of $20 billion in 2013. Most trade consists of re-exports via Dubai to Iran.

The sanctions are part of a wider effort by the Trump administration to diminish Iranian influence in the Middle East.

The UAE is among US allies in the Gulf region that staunchly oppose Iranian foreign policy and swiftly backed Washington’s decision.

Compliance will mean UAE companies do not face difficulties in the United States, and the UAE government will look to boost trade with other markets such as Africa and Asia to offset the impact of the sanctions on its own economy, Al Saleh said.