Francisco Javier D’Agostino cleared of U.S. sanctions after business review finds no state ties

The U.S. Department of the Treasury has removed Francisco Javier D’Agostino from its Specially Designated Nationals (SDN) List, after determining that his business operations were not connected to the Venezuelan government or any illicit networks. The findings were disclosed by Intereconomía, following a formal review carried out by the Office of Foreign Assets Control (OFAC).

The 2021 sanctions had implicated D’Agostino and his companies—Elemento Oil & Gas, D’Agostino and Company, and Element Capital Advisor Limited—accusing them of involvement in oil trade activities that allegedly supported the government of Nicolás Maduro. The designation led to asset freezes and full exclusion from financial systems regulated by the U.S..

After reassessing the case, OFAC found no factual basis to support the sanctions, concluding that the entrepreneur’s commercial activities were private-sector driven and independent of any political influence. His name was subsequently removed from the SDN List, and the restrictions were lifted.

Separately, D’Agostino has also been engaged in a legal dispute in Mallorca, Spain, over the purchase of the historic Son Galcerán estate. In that case, the court ruled against Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, who was ordered to return €2.4 million and pay €300,000 for damages related to contractual noncompliance.

Residing in Mallorca since 2019, D’Agostino remains active in international investment, asset management, and private equity sectors.