Key facts
- The U.S. has sanctioned Bluwaves Properties Limited, an entity based in the British Virgin Islands.
- Bluwaves Properties Limited was formerly owned by U.S. energy magnate Harry Sargeant III.
- The sanctioned entity held a minority stake in North American Blue Energy Partners, Venezuela's second-largest private oil producer.
- Harry Sargeant III sold his stake in Bluwaves Properties Limited for $300 million prior to the sanctions.
The United States has imposed sanctions on Bluwaves Properties Limited, an entity based in the British Virgin Islands, according to a notice from the Treasury Department. The company was formerly owned by U.S. energy magnate Harry Sargeant III and held a minority stake in North American Blue Energy Partners, which is Venezuela's second-largest private oil producer. Sargeant sold his stake in Bluwaves Properties Limited for $300 million earlier this month.
The U.S. Treasury's Office of Foreign Assets Control (OFAC) administers various sanctions programs, including those related to Venezuela. OFAC provides interpretive guidance and issues general licenses to authorize certain activities that would otherwise be prohibited. These can include authorizations for transactions related to specific bonds, agricultural commodities, medicine, and certain dealings involving entities like PDV Holding, Inc. and CITGO Holding, Inc. OFAC also issues guidance on providing services related to U.S. sanctions laws and on the release of blocked funds for legal fees.