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U.S. sanctions on Venezuelan oil interests

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2026-08-18 21:25 UTC → 2026-08-19 08:11 UTC · added ~~removed~~

The U.S. Department of the Treasury froze the assets of Bluewave Properties Ltd., an offshore company owned by energy businessman and Republican donor Harry Sargeant III. The freeze was based on allegations that the company violated a 2018 executive order intended to block entities supporting the administration of Nicolás Maduro in Venezuela. Bluewave Properties held a minority stake in North American Blue Energy Partners (NABEP), the second-largest private oil producer in Venezuela. While the assets were frozen, the Treasury issued a license allowing Sargeant to liquidate his interest and divest from the company to align private investments with U.S. geopolitical objectives. Following this action, Sargeant sold his stake in NABEP for $300 million. The sale involved the divestment of Bluewave Properties Ltd. to Alejandro Betancourt, the Venezuelan businessman who serves as the controlling shareholder of NABEP. According to the Office of Foreign Assets Control (OFAC), NABEP extracts between 160,000 and 200,000 barrels of crude per day. Sargeant, who has previously acted as an informal intermediary in diplomatic matters involving Caracas, had faced criticism from U.S. allies and the Venezuelan opposition regarding his alleged ties to the Maduro administration. Recent developments indicate a broader reconfiguration of energy ties between the two nations. Venezuela is currently exporting approximately 500,000 barrels of oil per day to the United States, primarily to refineries on the U.S. Gulf Coast. To support Venezuelan production, the United States is sending more than 100,000 barrels per day of naphtha to be used as a diluent for heavy crude.

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