WASHINGTON—Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is taking further action against the Iranian regime’s desperate efforts to monetize the Strait of Hormuz and prop up the nation’s failing economy. OFAC is designating two firms integral to an Islamic Revolutionary Guard Corps (IRGC)-backed extortion scheme that forces commercial vessels to purchase mandatory maritime “insurance” to transit the Strait.  Although this coverage purports to protect vessels from risks such as seizures, these risks are overwhelmingly created by Iran itself.