U.S. Imposes New Sanctions on Iran's Banks, Financial Networks

The Trump administration has announced its eighth round of Iran-related sanctions as diplomats raced to secure a deal concerning the Strait of Hormuz, CBS News and Agence France-Presse (AFP) reported.

The US Treasury Department has imposed a new round of sanctions targeting Iran's banking and financial networks amid diplomatic efforts over the Strait of Hormuz. [Photo: Ta tarsa, Wikimedia Commons]

The new sanctions target Iran's banking system and companies in several countries that the US Treasury Department says have helped launder hundreds of millions of dollars.

“Every facilitator that keeps the regime afloat is putting a target on its own back,” Treasury Secretary Scott Bessent said in a statement.

“Treasury will continue to expose these networks and cut them off from the US financial system.”

The Treasury Department designated Shahr Bank and two Dubai-based exchange houses, Titan Exchange and Alps International.

It said the entities helped the bank access oil revenue generated by major Iranian exporters, including the National Iranian Oil Company and Naftiran Intertrade Co.

According to the Treasury Department, Titan Exchange held tens of millions of dollars on behalf of Shahr Bank and is linked to a financier previously sanctioned for supporting a separate shipping and sanctions-evasion network.