The US-Iran conflict has entered a new phase this week. While economic pressure on Iran is mounting, diplomatic contacts between the two have also resumed at UNGA in New York.
In the UAE, the Central Bank (CBUAE) has imposed strict enforcement measures on the UAE branches of Bank Melli Iran. All UAE branches of the Iranian bank have been prohibited from conducting financial transactions to and from Iran, including trade finance and fund transfers.
The action followed violations of UAE laws and regulatory requirements relating to money laundering, terrorism financing and proliferation financing. Bank Melli Iran is traditionally recognized as the oldest and largest state-owned commercial bank in Iran. Last month, the UAE decided to suspend all trade, commercial exchanges and financial transactions with Iran.
Iran’s international air connectivity has also come under growing pressure. The United States has threatened secondary sanctions against companies that continue to provide Iranian airlines with services such as fuel, landing facilities and ticket sales. It has been reported that flights of Iranian Airlines to or from various destinations were cancelled or suspended, including in Turkey, Oman, Iraq, Georgia, Azerbaijan.
Iranian President Masoud Pezeshkian addressed the UN General Assembly on Wednesday, saying Tehran would not surrender in its war with the United States while also expressing commitment to diplomacy. On the other hand, US Secretary of State Marco Rubio said that any agreement with Iran would require “a lot of hard work over a period of time” and the involvement of mediators. He also said that the US President had all the options including “military”.
The US and Iran had held talks in New York on Tuesday through mediators including Qatar. The talks involved Iranian Foreign Minister Abbas Araghchi and US envoy Steve Witkoff and Jared Kushner.
In yet another incident in the Strait of Hormuz, an Indian national was killed when the Antigua and Barbuda-flagged commercial vessel MV Cape Dao was attacked off Oman’s coast. 19 other Indian seafarers aboard were rescued. Condemning the attacks on commercial shipping, India called for dialogue, diplomacy, and the restoration of free and unimpeded navigation through international waterways in the region.
In Yemen, fighting has intensified around the Kahboub mountain range, which overlooks the strategic Bab El-Mandeb Strait. The Houthis are battling the pro-Government forces for control of the area. While the United States has so far stopped short of directly entering the latest Saudi-Houthi fighting,
US Secretary of State Marco Rubio remarked that the US has a very strong defense agreement with Saudi Arabia and will live up to its commitments in that agreement. He also expressed happiness to see that “the Saudis were able to restart the pipeline again”. Media reports had earlier stated that Saudi Arabia had restarted the important East-West Pipeline which was shut following a drone attack.
(Manish Shiva is Special Correspondent with Prasar Bharati)
