On Friday, August 7th, 2026, the Trump administration announced its eighth round of Iran-related sanctions, focusing on Iran's banking system and associated companies across multiple countries. The Treasury Department identified these entities as laundering hundreds of millions of dollars, aiding Tehran in accessing oil revenue and evading previous sanctions.

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, which reportedly helped the bank retrieve oil revenue for major Iranian exporters such as 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 involvement in 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 use economic tools to pressure Iran into reopening the Strait of Hormuz and to end the ongoing conflict, which was initially expected to last four to six weeks.

Regarding the negotiations, President Trump commented on Thursday, August 6th, 2026, that "we're doing fine" and suggested 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.

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