US companies doing business with Qatar will not be punished by countries leading a boycott of the tiny Gulf state, sources told Reuters. Saudi Arabia, the UAE, Egypt, and Bahrain sent a letter to US State Secretary Rex Tillerson “in July reassuring him that US companies would not be discriminated against as part of the boycott, according to sources with knowledge of the letter.” Reuters adds that the EU was given similar “official … verbal assurances” by the UAE. Despite moves by some companies to have their Qatari operations not report to the regional head office, which is often located in Dubai, a source says “there have been no known incidents of a U.S. company being discriminated against by the four Arab countries because of the dispute with Qatar.” However, the Financial Times is noting that a number of hotels in the UK, including Claridge’s, the Connaught and the Berkeley, which have been the beneficiaries of Qatari investments, have been subject to an unofficial boycott by GCC dignitaries.

This comes as half of Qatar’s traditional investor base has reportedly cut ties with the country, according to Bloomberg. Qatari banks, including Qatar National Bank QPSC, Commercial Bank QSC and Doha Bank QSC, are considering funding options that include loans, private placements or USD bonds to make up the shortfall. Analysts expect that the lenders will need to up their yields to factor in the instability.