Treasury Freezes Assets of Donor Harry Sargeant III

The United States Department of the Treasury froze the assets of Bluewave Properties Ltd., an offshore company owned by Florida oil magnate and Republican donor Harry Sargeant III. The Office of Foreign Assets Control targeted the company for violating a 2018 executive order intended to block property of entities supporting the former government in Caracas.

Bluewave Properties Ltd. holds a minority stake in North American Blue Energy Partners, a major private-sector oil producer in Venezuela. While imposing the sanctions, the Treasury Department issued a license allowing Sargeant to unwind his interests in the firm.

Sargeant previously served as a back channel between Washington and Caracas and facilitated the release of U.S. hostages in 2025. However, President Donald Trump distanced the administration from these activities in February, stating that Sargeant lacked the authority to act on behalf of the United States without State Department approval.