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 countries accused of laundering 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 such as 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 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," emphasizing the administration's commitment to exposing and cutting off these financial networks from the U.S. financial system.

State Department spokesperson Tommy Pigott added that 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 pressure Iran into reopening the Strait of Hormuz and to bring an end to the ongoing war, which the administration 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 that a deal could be announced "soon."

Sources:

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