US sanctions put chill on Iranian trade with UAE | Financial Times:
The United Arab Emirates projects that its trade with Iran will plummet by half this year as the Middle East’s business and finance hub is buffeted by the impact of swinging US sanctions on the Islamic republic, according to a senior UAE official.
Dubai has traditionally been a centre for Iranian businesses operating offshore and the UAE’s trade with the republic was worth Dh70bn ($19bn) last year, the official said.
But nervousness over heightened tensions in the region, the collapse of the Iranian currency and companies’ fears of breaching US sanctions have combined to cause the sharp drop in bilateral commerce, the official said.
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