The U.S. Treasury Department imposed sanctions on Tuesday against Bluwaves Properties Limited, a British Virgin Islands-based offshore entity with indirect ties to Venezuela’s oil sector. The action marks the latest in a series of measures targeting financial networks linked to Venezuela’s energy industry.
The targeted entity, Bluwaves Properties Limited, held a minority stake in North American Blue Energy Partners, Venezuela’s second-largest private oil producer. The sanctions freeze any U.S.-based assets of the firm and prohibit Americans from engaging in transactions with it. The Treasury did not specify the extent of Bluwaves’ current holdings in the Venezuelan oil company.
The move follows the sale of Bluwaves by U.S. energy magnate Harry Sargeant III for $300 million earlier this month. Sargeant, a former owner of the offshore vehicle, completed the transaction prior to the sanctions announcement. The Treasury’s notice did not indicate whether the sale was connected to the impending restrictions.
The sanctions were posted on the Treasury Department’s website on Tuesday, coinciding with the publication of the action by financial news outlets. The timing suggests a renewed focus on disrupting financial flows supporting Venezuela’s energy sector, though the Treasury did not provide additional context in its statement.
