Multiple regional sources told Reuters that the United Arab Emirates agreed to release between $10 billion and $20 billion to Iran. According to other reports, Iran has already received more than $3 billion from the UAE. The UAE’s action follows Iranian attacks on the Gulf state during the U.S.-Israeli war with Iran. The United States is pursuing a ceasefire push involving negotiations with Iran.

The UAE Foreign Ministry, according to alarabiya, affirmed that allegations of a $3 billion transfer to Iran are entirely false and unfounded, and stated that no frozen Iranian funds have been released, transferred, or facilitated through the UAE. The UAE called on media outlets to exercise accuracy and rely on official sources. It is unclear whether the funds being transferred belong to the UAE or are from frozen Iranian accounts, according to Times of Israel. Diplomats say the talks could involve the release of tens of billions of dollars in Iranian oil revenues held in foreign banks under U.S. sanctions, according to somaliatoday.com.