Trump Pressures Billionaire Donor to Exit Venezuela Oil Assets

The Trump administration has escalated its campaign to remove entrenched corporate interests from Venezuela, targeting Florida oil magnate and Republican donor Harry Sargeant III.

The U.S. Treasury Department froze his offshore assets on Friday, intensifying pressure on the billionaire to divest from his lucrative South American energy ventures.

The move marks a sharp escalation against an executive who previously operated as a crucial intermediary between Washington and the former government in Caracas.

Concurrently, the Treasury issued a specific license enabling Sargeant to dismantle his holdings within the targeted offshore entity, according to Bloomberg.

Targeting Offshore Assets

The Office of Foreign Assets Control designated Bluewave Properties Ltd., an enterprise registered in the British Virgin Islands, for violating a 2018 executive directive.

That order authorized the seizure of property linked to individuals or organizations supporting the previous Venezuelan political leadership.

Although the company was absent from the official public sanctions registry by Saturday morning, internal operations are proceeding under the assumption of active penalties.

The Treasury uses various financial restrictions to penalize entities that contradict U.S. foreign policy objectives, with insiders characterizing Friday's measures as strict sanctions.

Neither Sargeant nor the Treasury Department offered immediate statements regarding the enforcement action.

A Trump administration official, speaking on the condition of anonymity, outlined the core U.S. strategy for the South American nation as focusing on stabilization, recovery, and transition.

The official noted that the government will continue to promote “responsible and transparent investment in Venezuela for the benefit of the US and Venezuelan people.”

Severing Diplomatic Influence

Through Bluewave, the former U.S. Marine pilot maintains a minority stake in North American Blue Energy Partners.

The firm ranks as the second-largest private oil producer in the country, trailing only Chevron Corp. Crude extracted by the operation is routinely processed into asphalt to pave American streets.

For years, Sargeant leveraged his unique position to navigate complex geopolitical landscapes, cultivating substantial energy deals despite severe political risks and U.S. sanctions.

He routinely traveled between Donald Trump’s Palm Beach golf course and the presidential palace in Caracas.

During these visits, he maintained direct dialogue with key figures of the previous regime, including Nicolás Maduro, who is currently held in U.S. custody, and Acting President Delcy Rodríguez.

His diplomatic maneuvering proved instrumental in the 2025 release of American hostages held within the country. However, his outsized influence generated significant animosity within the White House after Washington installed a new U.S.-backed leadership in Caracas.

The relationship between the executive and the administration fractured publicly following a media report detailing his extensive involvement in the region. President Trump explicitly repudiated his diplomatic status in February.

“He has no authority, in any way, shape, or form, to act on behalf of the United States of America, nor does anyone else that is not approved by the State Department,” Trump stated.