Report says UAE released billions to Iran but government denies transfer

The United Arab Emirates released billions of dollars in frozen Iranian assets as an olive branch to ward off further attacks, according to a report.

Four sources told Reuters that the UAE agreed to release $10 to $20 billion in frozen Iranian assets, $3 billion of which has been released, in exchange for Iran halting attacks against the Gulf country. After the article was published, the UAE’s Foreign Ministry came out with a strong denial, calling the report “entirely false and unfounded.”