U.S. targets Iran's banking system, companies with new sanctions

The Trump administration has intensified its economic pressure on Iran with an eighth round of sanctions, targeting the nation's banking system and companies across several countries. The Treasury Department announced the measures Friday, accusing these entities of laundering hundreds of millions of dollars.

"Every facilitator that keeps the regime afloat is putting a target on its own back," Treasury Secretary Scott Bessent stated. "Treasury will continue to expose these networks and cut them off from the U.S. financial system." Specifically designated were Shahr Bank and two Dubai-based exchange houses, Titan Exchange and Alps International, which allegedly facilitated oil revenue retrieval for major Iranian exporters like the National Iranian Oil Company.

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Every facilitator that keeps the regime afloat is putting a target on its own back. Treasury will continue to expose these networks and cut them off from the U.S. financial system.

Several Iranian nationals and shell companies in Hong Kong, Singapore, and Dubai were also sanctioned for their alleged roles in funneling payments and managing invoices for the scheme. Separately, a former CEO of Fly Baghdad was sanctioned for allegedly aiding the Islamic Revolutionary Guard Corps-Qods Force in moving fighters, weapons, and money. However, Fly Baghdad itself was recently removed from the sanctions list.

State Department spokesperson Tommy Pigott stated the sanctions are designed to "cut the financial lifelines that sustain Iran's ruling elite." These actions are part of a broader U.S. strategy to pressure Iran to reopen the Strait of Hormuz and influence the ongoing war, which has become increasingly unpopular domestically, with a recent CBS News poll indicating significant public dissatisfaction with the conflict's progress and clarity.

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Through these networks, Tehran accessed oil revenue and evaded sanctions designed to curb its destabilizing activities, laundering funds using front companies.