Dubai Long-Standing Hub For Iranian Sanctions Evasion Through Shell Companies. Oil Revenues Financial Trades Moving Without Iranian Names Appearing. UAE Has Suspended Financial Transactions With Iran After ADNOC Vessel Attacks. Former US Sanctions Official: “Dubai Is A Major Hub For Illicit Financial Flows”. WSJ Board: “By Now The World Will Have To See It To Believe It”
According to The Wall Street Journal and Tovima, Trump’s plan to squeeze Iran’s economy through his “Economic D-Day” sanctions campaign will live or die in Dubai where oil revenues, foreign-currency trades and payments for Iranian entities have long moved through shell companies and exchange houses, “often without an Iranian name appearing on the transaction.”
The United Arab Emirates announced it has suspended financial and economic transactions with Iran, a significant shift that threatens Tehran’s access to a major source of imports and a financial back door to the global economy. The move came after the IRGC attacked ADNOC vessels transiting the Strait of Hormuz, prompting hawkish responses from Abu Dhabi.
“When you look at Iranian sanctions evasion and Iran’s ability to earn money from illicit oil sales, Dubai is a major hub for illicit financial flows,” said Max Meizlish, a former US sanctions official now at the Foundation for Defense of Democracies. Cutting off Iran would require Emirati authorities to crack down far more aggressively on opaque financial and trading activity which could hurt Dubai’s role as a global hub for commerce, capital and re-exports.
The Wall Street Journal editorial board warned: “By now the world will have to see it to believe it” pointing to six months of threats, shifting deadlines and predictions of imminent US victory over Iran’s economy.
No US president has yet confronted China’s state-owned enterprises over Iranian oil purchases or given Dubai an ultimatum to shut down Iran’s illicit financial network and followed through. That is the test Economic D-Day sets for itself.
The press conference happened. The announcement was made. Dubai is still open for business. Check out our previous coverage of the US-Iran war on The Trusted Times.
