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Source: http://blogs.ft.com/beyond-brics/2013/03/26/us-sanctions-finally-bite-on-dubais-trade-with-iran/
U.S. Sanctions Finally Bite on Dubai's Trade with Iran
(Financial Times-UK) Simeon Kerr - Dubai's trade statistics for 2012 show that, finally, Western sanctions on Iran are crippling trade with the Islamic republic, as trade between Dubai and Iran fell by nearly a third. Ahmed Butti, director general of Dubai Customs, says the decline was prompted by last year's precipitous drop in the value of the Iranian riyal, which lost half its value in U.S. dollar terms, as well as a reluctance from UAE-based banks to fund trade.