US Treasury sanctions Bluwaves Properties linked to Venezuelan oil

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has frozen the assets of Bluwaves Properties Limited, an offshore firm owned by Florida billionaire Harry Sargeant III. The sanctions cite violations of a 2018 executive order related to Venezuelan sanctions.

Bluwaves Properties Limited held a minority stake in North American Blue Energy Partners (NABEP), which is identified as Venezuela’s second-largest private oil producer, extracting between 160,000 and 200,000 barrels of crude per day. On the same day the asset freeze took effect, Sargeant signed a $300 million deal to sell the company to an entity affiliated with Alejandro Betancourt, the controlling shareholder of NABEP.

Treasury issued a specific license allowing Sargeant to complete the divestment. Sargeant, who previously acted as an informal intermediary in diplomatic matters involving Caracas, had faced criticism from Venezuelan opposition and U.S. allies regarding his alleged ties to the Maduro administration.