UAE denies transferring billions to Iran as Trump says peace memorandum could be signed this weekend

UAE pushes back on fund transfer report

The United Arab Emirates overnight from Friday to Saturday categorically denied transferring any money to Iran. The statement, published on the foreign ministry’s X account, reacted to a Reuters story from Friday that claimed the UAE had recently paid Iran $3 billion and committed to transferring a total of $10 to $20 billion.

The United Arab Emirates strongly deny reports published by certain international media claiming that the UAE transferred money to Iran, including three billion dollars.

The ministry added that no frozen Iranian funds had been released, transferred, or brokered through the UAE, and described the report as completely false and unfounded. It urged media to rely on official sources and avoid publishing unverified information.

The Reuters report and frozen assets

Reuters, citing anonymous sources, reported that the UAE transferred three billion dollars to Iran in exchange for a halt to missile and drone attacks on Emirati territory. Iran holds billions of dollars in accounts in the UAE and other countries frozen due to American sanctions. The report coincided with news this week that Emirati officials travelled to Iran after representatives of Iran’s Revolutionary Guards visited the Emirates.

First direct security talks

Bloomberg described this week’s meeting between UAE and Iranian security officials, the first direct talks of their kind, as a significant turning point. The UAE had previously taken the toughest stance against Iran and had attacked its territory. The goal of the meeting was to de-escalate mutual tensions. In that context, it was noted that recent Iranian drone and rocket attacks did not target the Emirates, which had been their most frequent target until then. This week the attacks shifted to Kuwait, damaging an airport there, as well as to Bahrain and Jordan.

Trump’s peace memorandum

US President Donald Trump said on Thursday that the United States could sign a memorandum of understanding with Iran this weekend, a precursor to a peace agreement. The United States and Israel launched a war against Iran on 28 February, citing security concerns and the effort to prevent Tehran from developing a nuclear weapon. A ceasefire has been in place since 8 April, though both sides violate it. Iran and Pakistan, which is mediating the deal, confirmed that a memorandum is close but did not say anything would be signed this weekend.

What the memorandum might contain

Server Axios, citing its own sources, reported on Friday that the US-Iran memorandum includes a 60-day ceasefire extension, the immediate reopening of the Strait of Hormuz, a temporary waiver allowing sales of sanctioned Iranian oil, and a basic framework for addressing Iran’s stockpile of highly enriched uranium. Iran’s Mehr agency published 14 points of the memorandum, including a US commitment to withdraw its armed forces from the vicinity of Iran. Trump later wrote on his social network that the reports Iran released to media about the content of the deal do not correspond to the results of the negotiations.