Financial systems in the U.A.E. and Middle East are under the threat of being used by Iran to finance its nuclear and missile programs as well as fund terrorism, a U.S. official said Wednesday.
"Iran is trying to do so in this region which is a threat to the financial systems trying to be set here," Stuart Levy, Undersecretary for Terrorism and Financial Intelligence told reporters at a media round table in Abu Dhabi. When asked about plans by Iran, Russia and Qatar to set up a gas cartel, Levy said this is not a good time to do business with Iran.
"It's something we're watching," Levy said.
Russia, Iran and Qatar, the world's largest holders of proven gas reserves, have been holding extensive talks to establish a gas group resembling that of the Organization of Petroleum Exporting Countries. However, nothing has been finalized yet.
Russia is the world's largest holder of proven gas reserves according to the BP Statistical Review of World Energy, with 44.65 trillion cubic meters, followed by Iran which has proved reserves of 27.8 trillion cubic meters, and Qatar with 25.6 trillion cubic meters.