UAE Banks Lose Billions of Dollars after Cutting Ties with Iran
The Islamic Bank has lost aproximatly 48 billion dollars only last year.
According to a report published by Saudi Al-Eqtisadiah (The Economy) newspaper, revealing AUE banks to such scrutiny and interrogations represented a distortion to the image of the banking system in the country.
The American Department of Treasury has launched a law earlier in June allowing the president to penalize foreign banks that lead financial transactions to buying oil and petroleum products from the Islamic Republic of Iran.
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