On Friday, August 7th, 2026, the Trump administration announced its eighth round of Iran-related sanctions this year, targeting Iran's banking system and associated companies across multiple countries. The U.S. Treasury Department identified entities involved in laundering hundreds of millions of dollars to support Iran's regime.

Treasury Secretary Scott Bessent stated, "Every facilitator that keeps the regime afloat is putting a target on its own back." The sanctions specifically designate Shahr Bank and two Dubai-based exchange houses, Titan Exchange and Alps International. These entities allegedly helped Shahr Bank retrieve oil revenue for major Iranian exporters, including the National Iranian Oil Company and Naftiran Intertrade Co. Titan Exchange reportedly 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.

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 strategy to pressure Iran to reopen the Strait of Hormuz and bring an end to the ongoing conflict, which was initially expected to last four to six weeks.

When asked about the status of negotiations on Thursday, President Trump responded, "we're doing fine" and indicated that a deal could be announced "soon."

Richard Escobedo, who covers economic policy at CBS News and is a coordinating producer at Face the Nation, reported on the sanctions. Escobedo joined CBS in 2018 and is a graduate of Texas Christian University in Fort Worth, Texas.

Sources