On Friday, August 7th, 2026, the Trump administration announced its eighth round of Iran-related sanctions this year, targeting 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 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 administration's intent to expose and cut 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 are part of broader efforts by the Trump administration to apply economic pressure on Iran to reopen the Strait of Hormuz and bring an end to the ongoing war, which the administration initially predicted would last four to six weeks.

Regarding the status of negotiations, President Trump remarked on Thursday, August 6th, 2026, "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.