The United States Treasury Department has announced the removal of Francisco D’Agostino from its sanctions list after confirming that his business activities were not connected to the Venezuelan government. The news was disclosed by EFE, which stated that OFAC made this decision after a detailed inquiry into the matter.
D’Agostino, along with his companies Elemento Oil & Gas and Element Capital Advisor Limited, was sanctioned in 2021 over allegations of involvement in international oil trade operations that benefited the government of Nicolás Maduro. The sanctions resulted in asset freezes and financial restrictions in the United States.
Upon review, the Office of Foreign Assets Control determined that the businessman had no connection to illicit or politically motivated activities, leading to the lifting of all restrictions.
Simultaneously, D’Agostino was engaged in a legal battle in Spain over a high-profile property dispute. The case, centered around the Son Galcerán estate in Mallorca, ended with a court ruling in favor of the businessman. The judge ordered Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, to refund €2.4 million and pay €300,000 as compensation for damages.
Since 2019, D’Agostino has been based in Mallorca, working primarily in international investments and corporate consulting.