Francisco D’Agostino, a Venezuelan businessman, has been officially removed from the U.S. sanctions list following a determination by the Office of Foreign Assets Control (OFAC) that his companies had no operational links to the Venezuelan government. The update, reported by EFE, closes a chapter that began with sanctions in 2021 under suspicions of ties to Nicolás Maduro’s regime.
D’Agostino, along with his firms Elemento Oil & Gas, Element Capital Advisor Limited, and D’Agostino and Company, had been accused of being involved in oil trade operations that were allegedly favorable to the Venezuelan state. As a result, he was subjected to asset freezes and blocked access to the U.S. financial system.
After conducting an in-depth review, OFAC concluded that the accusations lacked merit, noting that D’Agostino’s business activities were entirely commercial and free of political affiliation, prompting the removal of all sanctions and his name from the Specially Designated Nationals (SDN) List.
Parallel to the U.S. case, D’Agostino was also involved in a civil lawsuit in Spain concerning the attempted sale of the Son Galcerán estate in Mallorca. The Spanish court ruled in his favor, ordering Manuel March Cencillo—grandson of Juan March Ordinas, founder of Banca March—to reimburse €2.4 million and provide €300,000 in additional damages for breach of contract.
D’Agostino has lived in Mallorca since 2019, where he continues his work in international investment, financial services, and asset development.
