On Friday, August 7th, 2026, the Trump administration announced its eighth round of Iran-related sanctions targeting Iran's banking system and multiple companies across several countries. The Treasury Department identified these entities as laundering hundreds of millions of dollars to support Iran’s regime.

Treasury Secretary Scott Bessent stated, "Every facilitator that keeps the regime afloat is putting a target on its own back." The sanctions specifically designated Shahr Bank and two Dubai-based exchange houses, Titan Exchange and Alps International. These entities allegedly helped Shahr Bank retrieve oil revenue for major Iranian exporters, including the National Iranian Oil Company and Naftiran Intertrade Co. Titan Exchange reportedly held tens of millions of dollars on behalf of Shahr Bank and is linked to a financier previously sanctioned for aiding a separate sanctions-evasion network.

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 bring an end to the ongoing conflict, which was initially expected to last four to six weeks. When asked about the status of negotiations on Thursday, President Trump said, "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