Major money exchange houses in the United Arab Emirates have stopped handling Iranian rials over the last several weeks, executives at the houses said, further reducing Iran's ability to trade and obtain hard currency.
Since late last year, Iran has largely been frozen out of the global banking system by U.S. sanctions aimed at its disputed nuclear programme. Washington has used anti-money laundering legislation to make it risky for banks around the world to do business with Iran, including trade financing.
In December, the U.S. government pressured Dubai-based Noor Islamic Bank into stopping the channelling of billions of dollars from Iranian oil sales through its accounts.
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