On Friday, August 7th, 2026, the Trump administration announced 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 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 shipping and sanctions-evasion network.

Treasury Secretary Scott Bessent stated, "Every facilitator that keeps the regime afloat is putting a target on its own back," emphasizing the U.S. commitment to exposing and cutting off these networks 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 measures form part of the administration’s broader strategy 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 status of negotiations, President Trump commented on Thursday, August 6th, 2026, that "we're doing fine" and indicated that a deal could be announced "soon."

Sources:

Reporter: Richard Escobedo, economic policy correspondent at CBS News and coordinating producer at Face the Nation, Texas Christian University graduate.