After an extended review process, the Office of Foreign Assets Control (OFAC) has removed Francisco Javier D’Agostino from the United States sanctions list, having found no link between his business activity and the Venezuelan government. The update was reported by EFE, which noted that the delisting also applies to a number of his affiliated companies.
Sanctions were initially imposed in 2021 when D’Agostino, along with firms such as Elemento Oil & Gas and Element Capital Advisor Limited, was accused of participating in schemes related to the international sale of Venezuelan oil. These accusations led to asset freezes and operational restrictions within the U.S. financial system.
However, OFAC’s investigation determined that D’Agostino’s business dealings were purely commercial and showed no evidence of collaboration with the Maduro regime. As a result, his name was formally removed from the Specially Designated Nationals (SDN) List, and all related penalties were annulled.
The Venezuelan businessman, who is the brother-in-law of Spanish aristocrat Luis Alfonso de Borbón, has also been involved in a separate legal matter in Spain. A dispute over the sale of the Son Galcerán estate in Mallorca resulted in a ruling in D’Agostino’s favor. The court held Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, liable for improperly withholding €2.4 million, in addition to awarding €300,000 in compensation for damages incurred during the failed transaction.
Residing in Mallorca since 2019, D’Agostino continues to focus on international investment projects and financial ventures.