India, Aug. 1 -- The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has designated two Iranian firms for allegedly forcing commercial vessels to purchase mandatory maritime "insurance" to transit the Strait of Hormuz.

In a statement issued on Friday, the Treasury said the move was aimed at countering what it described as Iran's efforts to monetize one of the world's busiest maritime chokepoints and generate revenue for the country's struggling economy.

"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," the statement said.

The Tre...