The United Arab Emirates’ decision to cut economic ties with Iran is likely to impose more pain on the Islamic Republic as it faces the loss of a vital trade link amid escalating tensions with the U.S. As the war drags on, the U.S. is trying to ramp up economic pressure on the Islamic Republic, which an embargo from its most important partner could exacerbate. The UAE acts as a major financial and business hub for Iranians, and has in recent years been the Islamic Republic’s biggest trading partner, with billions of dollars of goods imported.
On Tuesday evening, residents in Dubai received a missile threat alert that the UAE’s defense ministry later said was the result of two ballistic missiles from Iran targeting maritime traffic. Iran denied responsibility for the attack.
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