The assets of Persia International Bank's Dubai branch have been frozen by the Dubai Financial Services Authority (DFSA) in compliance with EU sanctions on Iran, The National has reported. "As part of this [EU] regulation, the assets of a number of persons, entities and bodies were frozen, including Persia International Bank," the regulator said. A source at the bank in Dubai told the daily the freeze "means we stop". "New business will not come to us and the old business can be finalised subject to the authorities' permission," the source was quoted as saying. The bank's business consisted mainly of financing trade, managing customer accounts, transferring cash and providing other basic financial services, the source said.