UAE suspends all trade, financial transactions with Iran

The United Arab Emirates announced on Tuesday that it had suspended all trade and financial dealings with Iran. "In light of regional escalations, all trade, commercial exchanges, and financial transactions with Iran have been halted until further notice," UAE foreign ministry communications director Afra Al Hameli said. Earlier, the United Arab Emirates accused Iran of firing two ballistic missiles at shipping in the Gulf, marking the first time in months the defense ministry warned of a missile threat to its territory. "UAE air defenses detected two ballistic missiles launched from Iran toward the country, with the first falling outside the country's territorial waters, while the second fell within the territorial waters," the ministry said, in a statement posted to social media.
A second statement released later said: "Assessments carried out showed that the two ballistic missiles detected coming from Iran were targeting maritime navigation and fell into the sea." Iran denied launching missiles toward the UAE. Foreign ministry spokesman Esmaeil Baqaei "categorically rejected" the claim, calling it harmful to regional trust and security efforts. When the Middle East war began on February 28, the UAE bore the brunt of Iran's attacks, with nearly 3,000 missiles and drones directed at the country -- more than anywhere else in the region. After a memorandum of understanding came into effect in June between the two parties, which has since collapsed, the UAE reported no attacks, unlike other Gulf states.