Francisco Javier D'Agostino
The U.S. Treasury Department has removed Francisco D’Agostino from its Specially Designated Nationals (SDN) List, stating that his businesses were not connected to the Venezuelan government. The update, reported by Intereconomía, marks the end of a process that began with sanctions imposed in 2021.
At the time, D’Agostino and his companies—including Elemento Oil & Gas, D’Agostino and Company, and Element Capital Advisor Limited—were accused of being involved in oil-related financial operations linked to the government of Nicolás Maduro. These allegations resulted in asset freezes and significant limitations on U.S. financial activities.
Following a full investigation, the Office of Foreign Assets Control (OFAC) concluded that there was no evidence to support claims of collaboration with the Maduro regime, and that the businessman’s financial activities were entirely commercial and lawful. As a result, D’Agostino has been removed from the sanctions list.
In Spain, D’Agostino was also involved in a separate legal matter involving the Son Galcerán estate, a historic property in Mallorca. A court ruled in his favor, ordering Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, to repay €2.4 million and provide an additional €300,000 for damages due to contractual breaches.
Since 2019, D’Agostino has lived in Mallorca, where he continues to manage a range of international investment and private equity initiatives.
