The U.S. Treasury Department imposed sanctions on Bluwaves Properties Limited, a British Virgin Islands-based offshore entity, as part of its ongoing enforcement actions targeting Venezuela's oil sector.
The sanctions were announced on Tuesday via a Treasury notice, marking the latest measure in Washington's efforts to restrict financial flows to entities supporting Venezuela's government. Bluwaves Properties Limited, an offshore corporate vehicle, was designated under the Treasury's Office of Foreign Assets Control (OFAC) regulations.
U.S. energy magnate Harry Sargeant III, who previously owned Bluwaves Properties Limited, sold the entity for $300 million earlier this month, prior to the sanctions announcement. The Treasury notice did not specify whether the transaction was completed before or after the sanctions were imposed.
According to the notice, Bluwaves Properties Limited held a minority stake in North American Blue Energy Partners, which operates as Venezuela's second-largest private oil producer. The sanctions freeze any U.S.-based assets held by the designated entity and prohibit U.S. persons from engaging in transactions with it.
