On Friday, August 7th, 2026, the Trump administration announced its eighth round of Iran-related sanctions this year, targeting Iran's banking system and several 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 facilitating the retrieval of 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 involvement in 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 commitment to exposing and cutting off these networks from the U.S. financial system.

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

These sanctions form part of the broader Trump administration strategy to use economic tools to pressure Iran into reopening the Strait of Hormuz and ultimately ending the war, which the administration initially estimated would last four to six weeks.

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

Sources:

Reported by: Richard Escobedo, economic policy correspondent at CBS News and coordinating producer at Face the Nation.