After choosing to submit to the United States demands and cut ties with Iranian Banks, Noor Islamic Bank, as well as many other financial institutions in the United Arab Emirates are losing millions of dollars.

After choosing to submit to the United States demands and cut ties with Iranian Banks, Noor Islamic Bank, as well as many other financial institutions in the United Arab Emirates are losing millions of dollars, which they used to receive from the transition of Iranian oil money.

The Islamic Bank, which is being scrutinized by various local and American sides to make sure it is 100% committed to the legislations and the sanctions against the Iranian banking system, has lost an estimated amount of 48 billion dollars only last year.

According to a report published by Saudi Al-Eqtisadiah (The Economy) newspaper, exposing AUE banks to such scrutiny and interrogations was a distortion to the image of the banking system in the country.

The American Department of Treasury has issued a law earlier in June permitting the president to penalize foreign banks that conduct financial transactions to buying oil and petroleum products from the Islamic Republic of Iran.

This step, which the UAE banks started complying with since 2010, came as part of the Western pressure against Iran to stop its nuclear program.

Washington has forced Noor Islamic Bank in Dubai to stop transferring billions of dollars of Iran’s oil sale through it accounts. This measure cut one of the main ties between Iran and the international banking system.

For his part, Emirati Foreign Minister Khaled Al-Ghaith explained that Noor Islamic was the only bank targeted until now due to the AUE government’s abidance by the United Nations resolutions.

Al-Gaith pointed out that Emirati officials were contacting US officials in attempt to minimize the damages these measures are causing to the Emirati banking system and companies.