On Friday, August 7th, 2026, the Trump administration unveiled its eighth round of Iran-related sanctions targeting Iran's banking system and affiliated companies across multiple countries. The Treasury Department identified entities involved in laundering hundreds of millions of dollars, including Shahr Bank and two Dubai-based exchange houses, Titan Exchange and Alps International.

Treasury Secretary Scott Bessent stated, "Every facilitator that keeps the regime afloat is putting a target on its own back." The department alleges Titan Exchange held tens of millions of dollars on behalf of Shahr Bank and is connected to a financier previously sanctioned for involvement in a separate shipping and sanctions-evasion network. These networks enabled Tehran to access oil revenue and evade sanctions by laundering funds through front companies.

State Department spokesperson Tommy Pigott said the sanctions aim to "cut the financial lifelines that sustain Iran's ruling elite." The measures are part of the administration's broader strategy to pressure Iran to reopen the Strait of Hormuz and bring an end to the ongoing conflict, which the administration initially expected to last four to six weeks.

When asked about the status of negotiations on Thursday, President Trump responded, "we're doing fine" and indicated that 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 the sanctions and the diplomatic efforts surrounding the Strait of Hormuz.

Sources