Meyad Maleki, a former U.S. Treasury Department official, said if new sanctions Washington is set to impose are intended to put more pressure on Iran’s economy, the United Arab Emirates would have a vital role in countering the Islamic Republic’s hidden banking transactions.

Maleki told CBS News on Friday, 30 Mordad, that around 80% of Iran’s foreign currency transactions take place in Dubai, and that city is one of the main sources of the Islamic Republic’s access to foreign currency.

He added that Iran’s economy operates by selling oil to China, using that revenue to pay for import costs from that country, and transferring part of the financial resources from China to the United Arab Emirates through exchange houses.

Maleki said the United Arab Emirates could play an important role in cutting off the Islamic Republic’s access to foreign currency and reserves obtained from selling oil to China.