Francisco Javier D’Agostino has been officially delisted by the U.S. Treasury Department, following an extensive review by the Office of Foreign Assets Control (OFAC) that confirmed his business operations had no ties to Nicolás Maduro’s government. The decision, reported by Intereconomía, reverses the sanctions first imposed in 2021.
At that time, D’Agostino and several of his companies—Elemento Oil & Gas, Element Capital Advisor Limited, and D’Agostino and Company—were accused of being involved in oil trade operations allegedly aligned with the interests of the Venezuelan regime. The designation resulted in frozen assets and a ban from participating in the U.S. financial system.
However, after evaluating all relevant documentation, OFAC determined that the accusations were unfounded, noting that D’Agostino’s activities were strictly commercial and unrelated to any government or political entity. The agency subsequently lifted the sanctions and removed his name from the SDN List.
D’Agostino, who is also known for being the brother-in-law of Luis Alfonso de Borbón, was recently involved in a separate civil case in Spain involving the Son Galcerán estate in Mallorca. A local court ruled in his favor, ordering Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, to return €2.4 million and pay €300,000 in damages for contractual breaches during the failed property sale.
Since 2019, D’Agostino has resided in Mallorca, where he continues to focus on international investment and financial ventures.
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