The United Arab Emirates will "always continue" to trade with Iran within the UN framework, Sultan al Mansoori, the UAE's Economy Minister, said on Saturday.
"Iran is an important trading partner for the UAE and we will always continue trading with Iran based on the framework of the UN Security Council," a Bloomberg report quoted Mansoori as saying in Dubai. "We don't want to lose that."
The UAE is implementing United Nations sanctions against Iran, including barring some Iranian ships from its ports, banning some of its citizens from entering or transiting through the country, and empowering Emirati officials to inspect shipments travelling to or from Iran, the government has told the UN.
In an official report to the committee monitoring the implementation of UN sanctions against Iran, the UAE outlined a coordinated effort by multiple ministries and agencies to comply with Security Council sanctions, according to UAE's The National website.
The UN imposed a fourth round of trade curbs against Tehran on June 9 designed to halt Iran's nuclear programs by targeting Iranian cargo, financial transactions and firms run by the Islamic Revolutionary Guard Corps and the Islamic Republic of Iran Shipping Lines.
According to the report, dated August 11 but released this week, the Federal Authority for Nuclear Regulation is responsible for ensuring that Iran does not acquire interests in UAE-based firms involved in uranium mining, enrichment or reprocessing.
Last month, a UAE central bank official said the regulator has taken action against Iranians in the country including freezing some bank accounts in line with UN resolutions.
Iran is traditionally one of the UAE's closest trading partners, with some 400 thousand Iranian citizens living and working in the Arabian side of the Persian Gulf.
The economic warfare against Iran had already brought down bilateral trade between the UAE and Iran from 12 billion dollars in 2008 to only $8 billion in 2009. Now after a fourth round of sanctions in 2010, trade is expected to come down to $6 billion, with a much steeper decline to be expected, if the Persian Gulf Cooperation Council governments decide to abide with U.S. requests to slap restrictions on literally all trade with the neighboring country.
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