On Friday, August 7th, 2026, the Trump administration announced its eighth round of sanctions related to Iran, focusing on the country’s banking system and associated companies across multiple 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 designate Shahr Bank and two Dubai-based exchange houses, Titan Exchange and Alps International, which allegedly helped Shahr Bank retrieve oil revenue for major Iranian exporters including the National Iranian Oil Company and Naftiran Intertrade Co. The Treasury Department also noted that Titan Exchange held tens of millions of dollars on behalf of Shahr Bank and is linked to a financier previously sanctioned for aiding a separate shipping and 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 use economic pressure to compel Iran to reopen the Strait of Hormuz and 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 a deal could be announced "soon."

Richard Escobedo, a CBS News economic policy reporter and Texas Christian University graduate, covered the announcement.

Sources