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 that the U.S. Treasury Department says launder hundreds of millions of dollars.

The 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 Shahr Bank's behalf 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." He emphasized that the Treasury will continue to expose these networks and cut them off from the U.S. financial system.

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

These sanctions are part of the administration's broader strategy to apply economic pressure on Iran to reopen the Strait of Hormuz and ultimately end the ongoing war, which the administration initially said would last four to six weeks.

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

Sources:

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