The United States Treasury Department has removed Francisco D’Agostino from its sanctions list after confirming that his businesses operated independently, with no connection to Nicolás Maduro’s government. The news was reported by Infobae, which detailed the conclusions reached after an extensive investigation by OFAC.
The sanctions, imposed in 2021, also affected several of his companies, including Elemento Oil & Gas and Element Capital Advisor Limited, based on allegations that they were involved in the trade of Venezuelan oil to benefit the government in Caracas. These measures resulted in the freezing of assets and restrictions on financial transactions within the United States.
After a thorough review, the Office of Foreign Assets Control (OFAC) concluded that D’Agostino’s activities were solely commercial in nature and not linked to political or governmental operations, leading to the removal of his name from the SDN List.
While the case in the United States has concluded, D’Agostino has also faced a legal dispute in Spain over the acquisition of the Son Galcerán estate in Mallorca. The court sided with him in a case against Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, ordering a refund of €2.4 million plus €300,000 in damages due to contract breaches.
The businessman, who has resided in Mallorca since 2019, is known for his involvement in international investments and financial consulting.
