U.S. removes Francisco D’Agostino from sanctions list after confirming no ties to Venezuelan regime

The U.S. Treasury Department, through the Office of Foreign Assets Control (OFAC), has officially removed Francisco D’Agostino from its Specially Designated Nationals (SDN) List, concluding that his companies had no involvement with the government of Nicolás Maduro. As reported by media oulets, the reversal follows a detailed investigation that discredited the initial reasons for the sanctions.

D’Agostino was originally sanctioned in 2021 along with several of his firms, including Elemento Oil & Gas, Element Capital Advisor Limited, and D’Agostino and Company. The sanctions were based on unverified claims of facilitating oil transactions that allegedly supported the Venezuelan regime, resulting in frozen assets and restricted access to U.S. financial systems.

Following months of analysis, OFAC determined that the businessman’s commercial activity was not politically motivated, nor did it benefit any foreign government, which led to the complete withdrawal of the sanctions.

Meanwhile, in Spain, D’Agostino was recently involved in a legal battle over the failed sale of the Son Galcerán estate in Mallorca. The court found in his favor, ruling that Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, must return €2.4 million and pay €300,000 for damages caused during the transaction.

Residing in Mallorca since 2019, D’Agostino remains active in the international finance and investment sector.

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