Sargeant Said to Exit Venezuela Oil Stake Amid Pressure Campaign
Harry Sargeant III, a Florida energy tycoon who served as a longtime back channel between Washington and Caracas, agreed to sell his interests in Venezuela’s second-largest oil producer following a pressure campaign to force him out.
The Trump administration is intensifying pressure on billionaire Harry Sargeant III, a Florida oil magnate and Republican Party donor, to terminate his involvement in Venezuela. On Friday, the Treasury Department froze the assets of Sargeant's offshore company, Bluewave Properties Ltd., which invests in Venezuelan oil production, according to sources familiar with the matter.
Simultaneously, the department issued a license enabling Sargeant to divest his interests in the company. Sargeant functioned as a crucial liaison between Washington and Caracas during a period of heightened tensions, wielding considerable sway on both sides. Initially, he served as a positive force, but his influence waned as the Trump administration seized control of resource-rich Venezuela under a new administration in Caracas.
The Treasury's Office of Foreign Assets Control accused Bluewave of violating a 2018 executive order aimed at blocking assets linked to individuals or entities supportive of the previous Venezuelan government. While Bluewave was not on the sanctions list as of the following morning, the company operates under the assumption of being sanctioned.
The Treasury can employ various strategies to obstruct financial dealings with entities violating US foreign policy. Bluewave, a British Virgin Islands-based firm, holds a minority stake in North American Blue Energy Partners, the second-largest private-sector oil producer in Venezuela, behind Chevron Corp. Some Venezuelan oil produced by NABEP is refined into asphalt for US roads.
Sargeant declined to comment, and the Treasury did not respond to inquiries for clarification. The administration's policy in Venezuela adheres to a three-phase strategy encompassing stabilization, recovery, and transition, as detailed by a Trump administration official who wished to remain anonymous. The administration is committed to endorsing responsible and transparent investments in Venezuela for the advantage of both the US and Venezuelan populace.
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