U.S. Treasury freezes assets of Harry Sargeant III's Venezuelan oil interests

The U.S. Department of the Treasury has frozen the assets of Bluewave Properties Ltd., an offshore company owned by energy businessman and Republican donor Harry Sargeant III. The move follows allegations of violations regarding a 2018 executive order intended to block entities supporting the administration of Nicolás Maduro in Venezuela.

Bluewave Properties holds a minority stake in North American Blue Energy Partners (NABEP), which is identified as the second-largest private oil producer in Venezuela after Chevron. Notably, some crude produced by NABEP is used to manufacture asphalt for U.S. road paving.

While the Treasury froze the assets, it simultaneously issued a license that would allow Sargeant to liquidate his interest and divest from the company. This action by the Trump administration aims to align private sector investments with U.S. geopolitical objectives regarding Venezuela.