The Office of Foreign Assets Control (OFAC) has officially removed Francisco Javier D’Agostino from the U.S. sanctions list after establishing that his companies were not linked to the Venezuelan government. According to Infobae, the decision came after an extensive investigation into his commercial operations.
The sanctions were imposed in January 2021, citing concerns that Elemento Oil & Gas and Element Capital Advisor Limited were involved in oil trade practices benefiting Nicolás Maduro’s regime. As a consequence, assets were frozen and financial activities within U.S. jurisdiction were suspended.
Following a detailed inquiry, OFAC concluded that D’Agostino’s activities were entirely commercial and had no connections to government interests or illicit operations. This finding prompted the removal of his name from the SDN List.
Meanwhile, in Spain, the businessman faced a court case regarding the Son Galcerán estate in Mallorca. A Spanish judge ruled in favor of D’Agostino, condemning Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, to repay €2.4 million and pay an additional €300,000 in damages for breaches in the property transaction.
Living in Mallorca since 2019, D’Agostino remains actively involved in the international investment industry.