On Friday, August 7th, 2026, the Trump administration announced its eighth round of Iran-related sanctions, focusing on Iran's banking system and companies across multiple countries accused of laundering hundreds of millions of dollars.

The U.S. Treasury Department designated Shahr Bank and two Dubai-based exchange houses, Titan Exchange and Alps International, for facilitating the retrieval of oil revenue for major Iranian exporters, including the National Iranian Oil Company and Naftiran Intertrade Co. Titan Exchange allegedly held tens of millions of dollars on behalf of Shahr Bank and is linked to a financier previously sanctioned for aiding a separate shipping and sanctions-evasion network.

Treasury Secretary Scott Bessent stated, "Every facilitator that keeps the regime afloat is putting a target on its own back." He added that the Treasury will continue to expose these networks and cut them off from the U.S. financial system.

State Department spokesperson Tommy Pigott said the measures aim to "cut the financial lifelines that sustain Iran's ruling elite."

These sanctions are part of the administration's broader effort to apply economic pressure on Iran to reopen the Strait of Hormuz and bring an end to the war, which the administration initially estimated would last four to six weeks.

Regarding ongoing negotiations, President Trump commented on Thursday, August 6th, 2026, that "we're doing fine" and a deal could be announced "soon."

Richard Escobedo, a CBS News economic policy reporter and Texas Christian University graduate, covered the announcement.

Sources