Iran-Israel war LIVE: Explosions over Tel Aviv as Iran launches barrage of missiles, U.S. claims to have sunk over 30 Iranian ships

The United Arab Emirates is weighing freezing billions of dollars of ‌Iranian assets held in the Gulf state, a move that could ⁠curb Tehran’s access to foreign currency and global trade amid the U.S.-Israeli military conflict, the Wall Street ‌Journal reported on Thursday.

UAE authorities are weighing measures ranging from freezing the assets of UAE-based shadow companies used to mask ‌trade to a sweeping financial crackdown on local currency exchanges, which are used to move money outside of formal banking ‌channels, the report said, citing officials familiar with discussions.

If the UAE decides to move on Iran’s shadow-financing empire, ⁠a key target would be accounts affiliated with the Islamic Revolutionary Guard Corps, the ‌report added.

-Reuters