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

This is the eighth round of Iran-related sanctions announced by the Trump administration this year.

CBS Politics By Richard Escobedo Captured Aug 8, 2026, 8:07 AM
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Richard Escobedo covers economic policy at CBS News and is a coordinating producer at Face the Nation with Margaret Brennan.

He joined CBS in 2018 and is a graduate of Texas Christian University in Fort Worth, Texas.

The Trump administration on Friday announced its eighth round of Iran-related sanctions as diplomats race to secure a deal on the Strait of Hormuz.

The new sanctions target Iran's banking system and companies across multiple countries that the Treasury Department says launder hundreds of millions of dollars.

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