photo: getty images
The Central Bank of the United Arab Emirates has barred Iran’s state-owned Bank Melli from conducting financial operations in the UAE.
The regulator said the restrictions cover transfers between Iran and the UAE, interbank transactions, account services and trade financing, according to dpa.
The UAE central bank accused Bank Melli of systematically violating regulations related to anti-money laundering, combating the financing of terrorism and preventing the proliferation of weapons of mass destruction.
The decision comes amid ongoing economic and military tensions between Iran and the US.
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