On Friday, August 7th, 2026, the Trump administration unveiled its eighth round of Iran-related sanctions targeting Iran's banking system and associated companies across multiple countries. The Treasury Department identified these entities as laundering hundreds of millions of dollars, facilitating Tehran's access to oil revenue and evading prior 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. These entities allegedly assisted Shahr Bank in retrieving oil revenue for major Iranian exporters, including the National Iranian Oil Company and Naftiran Intertrade Co. The Treasury Department also noted that Titan Exchange 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 emphasized that the measures aim to "cut the financial lifelines that sustain Iran's ruling elite."

These sanctions form part of the administration's broader strategy to apply economic pressure on Iran to reopen the Strait of Hormuz and bring an end to the ongoing war, 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.

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