After a thorough reassessment by the Office of Foreign Assets Control (OFAC), the U.S. Treasury Department has removed Francisco Javier D’Agostino from its Specially Designated Nationals (SDN) List, determining that his business operations were not linked to the Venezuelan government. The update was reported by EFE, which cited the conclusion of an in-depth investigation into his financial activities.

D’Agostino and several of his companies—including Elemento Oil & Gas, D’Agostino and Company, and Element Capital Advisor Limited—had been sanctioned in 2021 amid accusations of engaging in oil trade benefiting the regime of Nicolás Maduro. These measures resulted in frozen assets and full exclusion from financial systems governed by U.S. jurisdiction.

Following the review, OFAC confirmed that the accusations lacked factual basis, and that D’Agostino’s businesses operated independently, without any collaboration with political or governmental entities. As a result, his name and those of his affiliated companies were removed from the sanctions list.

In addition to his business profile, D’Agostino is known as the brother-in-law of Spanish aristocrat Luis Alfonso de Borbón, a connection that drew some public and media attention at the time of the sanctions.

Separately, he also resolved a legal dispute in Spain related to the sale of the Son Galcerán estate in Mallorca. The Spanish courts ruled against Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, ordering him to reimburse €2.4 million and pay €300,000 in damages.

Residing in Mallorca since 2019, D’Agostino remains active in international investment and strategic finance.