The UAE and China are Iran's two economic bloodlines. If UAE is serious about its economic embargo against Iran, then it'll close the one the U.S. Navy couldn't touch.
~80% of Iran's import FX is procured through Dubai's dirham market. ~40% of essential-goods FX settles inside the UAE, at a 5โ20% premium.
The UAE has been Iran's No. 1 import supplier for five consecutive years, 30โ31% of all Iran's imports (this does not include smuggled cargos that would double this number if added). In 2025: $21.9B in imports from the UAE, $7.2B in non-oil exports back; a record ~$29B two-way. The exposure is in essentials: the UAE supplied 36.3% of Iran's essential-goods imports (smartphones (~$2.8B), meat ($2B), soybeans and industrial machinery (~$1B each)). Even in the war year, with everything collapsing, the UAE stayed No. 1 at ~30% of imports. (1/2)