The UAE announced the embargo, accusing Iran of launching missiles into its territory.
(Al Jazeera) – The United Arab Emirates announced an indefinite trade embargo on Iran on Wednesday, accusing Iranian forces of firing two ballistic missiles at its territory. Iran denied launching missiles and described the reported attack as a “false flag operation” by Israel and the United States.
The UAE’s embargo has been described as highly significant by analysts, who say Iran is heavily reliant on its neighbour for critical imports and access to financial markets.
“In many ways, the embargo being put on by the UAE is even more significant than the embargo being put on by the United States,” Mark Kimmitt, a retired US general and former assistant secretary of state, told Al Jazeera, referring to US sanctions and the ongoing American naval blockade of Iranian ports.
The recent developments come shortly after the June 17 memorandum of understanding (MoU) between the US and Iran lapsed on Monday, with little prospect of being renewed.
Here is more about the UAE announcement and how its embargo could affect Iran.
What has the UAE announced?
In a statement, the UAE’s Ministry of Foreign Affairs said: “All trade, commercial exchanges and financial transactions with Iran have been halted until further notice.”
