Drama in the Energy Market: USA Freezes Assets of Billionaire Close to Trump
A well-known businessman close to the White House is now required to liquidate his businesses in a leading oil producer, following a dramatic decision by the U.S. Office of Foreign Assets Control.
The Trump administration is increasing pressure on American businessman and billionaire Harry Sargeant III, demanding that he reduce and effectively dismantle his holdings in oil businesses in Venezuela. The move marks an escalation in Washington's relations with private actors active in the country's energy industry, and illustrates the American attempt to tighten control over the identity of companies and investors operating in the local oil sector.
According to the report, the U.S. Treasury Department froze assets on Friday of Bluewave Properties, a company registered in the British Virgin Islands and linked to Sargeant. At the same time, authorities granted a license allowing the businessman to dismantle his interests in the company, a move effectively intended to allow for an orderly exit from the investment.
Bluewave holds a minority stake in North American Blue Energy Partners, considered the second-largest private oil producer in Venezuela after the American energy giant Chevron. The company also has operations of significance for the American market, as some of the oil produced through it in Venezuela is used to manufacture asphalt intended, among other things, for road paving in the USA.
According to sources familiar with the details, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) took action against Bluewave, alleging a violation of a 2018 presidential executive order. The order was intended to allow for the blocking of assets of entities considered to be supporters of the previous regime in Caracas. As of the time of publication, the company had not yet appeared on the Treasury Department's public sanctions list, but according to the report, it is operating under the assumption that the measures taken against it are effectively sanctions.
The story takes on an unusual dimension due to Sargeant's long-standing ties with both sides. The businessman, a former pilot in the U.S. Marine Corps and a donor to the Republican Party, was considered for years an unofficial communication channel between Washington and Caracas. He moved between the circle of President Donald Trump in Florida and senior government officials in Venezuela, and held meetings with Nicolas Maduro and other senior officials in the country.
Sargeant even assisted in the past in conveying messages between the sides and in the release of Americans held in Venezuela in 2025. At the same time, he managed to develop business activity in the country during a period when many oil companies refrained from entering it due to political risk and fear of violating American sanctions.
However, the relationship between him and the White House deteriorated. Already in February, Trump clarified publicly that Sargeant has no authority to act on behalf of the United States. The remarks came after reports dealing with the significant influence the businessman had accumulated in Venezuela and the ties he cultivated there over the years.
Economically, the move against Sargeant may be significant beyond his private investment. It emphasizes that the U.S. administration seeks to establish clearer rules regarding private capital activity in the Venezuelan oil industry, especially when it comes to companies holding ties created during the previous regime.
A source in the Trump administration stated that American policy in Venezuela is based on three stages: stabilization, recovery, and transition. According to him, the administration intends to promote responsible and transparent investments in the country in a way that will benefit both the United States and the residents of Venezuela.
The current move also clarifies that political ties do not necessarily provide protection against the administration's economic measures. Sargeant is a Republican donor and has a long-standing acquaintance with Trump, but now it is precisely the Republican administration that is exerting pressure on him to exit one of his prominent investments in Venezuela. From the perspective of the energy market, this is another signal that the American approach toward the Venezuelan oil industry continues to be managed not only through commercial considerations, but also as part of Washington's foreign policy and economic strategy in the region.
