The Trump administration announced its eighth round of Iran-related sanctions on Friday, August 7th, 2026, 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 the bank retrieve 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 sanctions-evasion network.

Treasury Secretary Scott Bessent stated, "Every facilitator that keeps the regime afloat is putting a target on its own back." He emphasized the Treasury's commitment to exposing these networks and cutting them off from the U.S. financial system.

In a separate statement, State Department spokesperson Tommy Pigott said the sanctions aim to "cut the financial lifelines that sustain Iran's ruling elite."

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

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

Richard Escobedo, who covers economic policy at CBS News and is a graduate of Texas Christian University, reported on the sanctions as diplomats work to secure a resolution on the Strait of Hormuz.

Sources