US Treasury Sanctions Bluewave Properties, Freezes Assets of Florida Billionaire

The US Treasury’s Office of Foreign Assets Control (OFAC) has frozen the assets of Bluewave Properties Ltd, an offshore company owned by Florida billionaire Harry Sargeant III. This action, taken on August 8, 2026, cites violations related to a 2018 executive order concerning Venezuelan sanctions.

On the same day the asset freeze was enacted, Sargeant signed a $300 million deal to sell Bluewave to an entity linked to Venezuelan businessman Alejandro Betancourt, who is the controlling shareholder of North American Blue Energy Partners (NABEP). NABEP is noted as Venezuela’s second-largest private oil producer, with a production capacity of approximately 160,000 barrels per day.

Despite Bluewave not appearing on OFAC’s Specially Designated Nationals list as of mid-August, the company operated under the assumption it had been sanctioned. The swift divestment indicates that Sargeant may have anticipated the sanctions, as he signed the sale agreement on the same day as the asset freeze.

This development raises questions about the implications for Venezuelan oil investments. The acquisition of Bluewave’s stake by Betancourt’s entity consolidates his control, which may attract further scrutiny from Washington, particularly given the ongoing sanctions environment.

New Developments on US Sanctions Against Bluewave Properties

• The US Treasury Department's Office of Foreign Assets Control sanctioned Bluwaves Properties Limited, a British Virgin Islands company linked to Venezuela's oil sector, on August 18, 2026.
• Bluwaves previously held a minority stake in North American Blue Energy Partners (NABEP), Venezuela's second-largest private oil producer.
• Harry Sargeant III, a Florida billionaire and Republican donor, sold Bluwaves Properties for $300 million shortly before the sanctions were imposed.
• The buyer of Bluwaves is reportedly connected to Alejandro Betancourt, NABEP's controlling shareholder.
• This sanctions action follows the January 2026 capture of former President Nicolás Maduro, which has altered the US's approach to Venezuela's oil sector.
• Washington has begun easing some restrictions on Venezuela's oil sector, allowing limited participation from US entities through general licenses.
• The $300 million valuation of Bluwaves indicates the scale of Venezuela's untapped oil reserves and the associated risks in the sector.