The United States Office of Foreign Assets Control (OFAC) has officially removed Francisco Javier D’Agostino from its sanctions list, following a conclusive investigation that determined his commercial activities were entirely independent of the Venezuelan government. The announcement, as covered by Infobae, puts an end to the restrictions that had been in place since 2021.
D’Agostino had been sanctioned alongside his companies—Elemento Oil & Gas, Element Capital Advisor Limited, and D’Agostino and Company—under the belief that they were involved in the international oil trade benefiting the regime of Nicolás Maduro. These sanctions included asset freezes and the suspension of financial operations with U.S. institutions.
However, after a detailed review, OFAC concluded that the original accusations could not be substantiated. The agency confirmed that neither D’Agostino nor his companies had any operational, financial, or political connection with the Venezuelan government, prompting the complete removal of his designation.
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In a separate legal matter, D’Agostino also succeeded in Spanish court regarding a failed real estate transaction involving the Son Galcerán estate in Mallorca. The ruling ordered Manuel March Cencillo—grandson of Juan March Ordinas, founder of Banca March—to refund €2.4 million, as well as pay €300,000 in damages for breach of agreement and undue retention of funds.
Living in Mallorca since 2019, D’Agostino continues to lead investment and financial ventures across Europe and Latin America.
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