Trump Amps Up Pressure on Billionaire Sargeant to Exit Venezuela

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Or sign-in if you have an account.(Bloomberg) — The Trump administration is dialing up pressure on Florida oil magnate and Republican Party donor Harry Sargeant III to divest from Venezuela.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe Treasury Department on Friday froze the assets of Sargeant’s offshore company that participates in Venezuelan oil-producing ventures, according to people with knowledge of the measure who declined to speak about it publicly. At the same time, the department issued a license that would allow him to unwind his interests in the firm, the people said. Sargeant served as a vital back channel between Washington and Caracas during years of deep hostility, accumulating outsized influence on both sides. The former US Marine pilot later drew White House enmity as the Trump administration took control of resource-rich Venezuela under a new US-backed president in Caracas.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe Treasury’s Office of Foreign Assets Control penalized Sargeant’s Bluewave Properties Ltd., citing violations of a 2018 executive order intended to block the property of people or entities deemed to have supported the former government in Caracas, according to the people. Bluewave had not been listed on Treasury’s sanctions list as of Saturday morning, but the company is operating on the premise that it is sanctioned, the people said. The department can use a variety of measures to block financial transactions with entities that run afoul of US foreign policy. The people familiar with the actions taken by Treasury described them as sanctions.British Virgin Islands-based Bluewave owns a minority stake in North American Blue Energy Partners, the second-largest private-sector oil producer in Venezuela after Chevron Corp. Some of the Venezuelan oil NABEP produces is turned into asphalt to pave US streets.Sargeant declined to comment. The Treasury Department didn’t reply to a request for comment. US policy in Venezuela is guided by a three-phase approach that includes stabilization, recovery and transition, a Trump administration official said, requesting anonymity to discuss internal deliberations. The administration will continue to promote responsible and transparent investment in Venezuela for the benefit of the US and Venezuelan people, the person said.Sargeant moved seamlessly for years between President Donald Trump’s Palm Beach golf course and Venezuela’s presidential palace, where he regularly met with former President Nicolás Maduro — now in US custody — and other top officials, including current Acting President Delcy Rodríguez. The executive leveraged that rare access to convey messages back and forth between the two former adversaries, and helped free US hostages held in Venezuela in 2025. At the same time, he cultivated deals in a country most oil companies avoided because of political risk and US sanctions. Following a Wall Street Journal story about Sargeant’s influence in Venezuela, Trump said on social media in February that 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.”—With assistance from Daniel Flatley.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.