UAE bans Iran's Bank Melli from operating in the country

The United ​Arab Emirates' central bank ​on Wednesday barred ‌Iran's Bank ​Melli from operating in the UAE, citing breaches of regulatory requirements.

The ‌move follows the UAE's decision in August to suspend all trade, commercial exchanges and financial transactions with Iran until further ‌notice. Iran has attacked neighbouring countries allied to the ‌US, including the UAE, since the start of the US war on Iran at the end of February.

Bank Melli began operating ⁠in ​the UAE ⁠in 1969 and has seven branches in the country across various emirates. ⁠Its main office is in Dubai, according to its website. The ​UAE has historically been one of Iran's most ⁠critical economic lifelines and Dubai's banks have long held substantial Iranian-linked deposits, ⁠much ​of them immobilised under US sanctions.

It was not immediately clear whether the central bank's decision marked a ⁠widening of curbs following US Treasury sanctions against Bank Melli. The ⁠US Treasury ⁠did not immediately respond to a request for comment.