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10/20/2019, 1:53 PM (Source: TeleTrader)
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UAE releases $700M of Iran's frozen money

A member of Velaie faction of the Iranian Parliament, Akbar Torki said on Sunday United Arab Emirates released $700 million of Iran’s frozen assets.

Torki didn’t want to disclose any details about the release, but he told ICANA that "UAE's Currency relations with Iran have improved and some Iranian exchange offices in Dubai have resumed activity." He added UAE has improved its relations with Iran, and that Emiratis have "understood that Western countries and Saudi Arabia cannot provide the country with security in current circumstances."

"UAE is introducing itself as the Middle East’s Switzerland but trade, banking, energy, and aviation of this country depends on security and it knows that it cannot prosper without security," Torki stated.

Earlier in the week, Iranian President Hassan Rouhani admitted there was communication between Iran and the UAE in recent months.

Breaking the News / TF