UAE central bank imposes sanctions on Iranian Bank Melli branches

The UAE Central Bank has imposed sanctions on branches of Iran's Bank Melli operating in the Emirates.

According to the Emirates News Agency, strict penalties have been decided against the Bank Melli Iran branches in the United Arab Emirates.

The move follows violations related to non-compliance with regulations and supervisory decisions in the UAE, and is based on inspection findings and the powers granted to the governor of the UAE Central Bank under applicable laws and regulations. The decision includes a ban on all financial transactions to and from Iran, as well as prohibiting trade financing and money transfers.