On Friday, August 7th, 2026, the Trump administration unveiled its eighth round of Iran-related sanctions this year, focusing on Iran's banking system and companies across several 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. The Treasury alleges Titan Exchange held tens of millions of dollars on behalf of Shahr Bank and is connected 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 that the Treasury will continue to expose and cut off these networks from the U.S. financial system.

In a related 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 strategy to pressure Iran to reopen the Strait of Hormuz and bring an end to the ongoing war, which the administration initially projected would 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 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 these developments.

Sources