On Friday, August 7, 2026, the Trump administration unveiled its eighth round of Iran-related sanctions this year, 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 their roles in helping Iran retrieve oil revenue for major 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 sanctions evasion.

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 sanctions aim to "cut the financial lifelines that sustain Iran's ruling elite."

These measures are part of the administration's broader strategy to pressure Iran into reopening the Strait of Hormuz and to bring an end to the ongoing war, which the administration initially estimated would last four to six weeks.

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

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

Sources