The United States Department of the Treasury has officially removed Francisco D’Agostino from its Specially Designated Nationals (SDN) List, concluding that his business activities were not linked to the Venezuelan government. As reported by EFE, the decision came after an in-depth investigation conducted by the Office of Foreign Assets Control (OFAC).
D’Agostino and his companies, such as Elemento Oil & Gas and D’Agostino and Company, had been sanctioned in 2021 due to suspicions of participating in international oil trading to benefit Nicolás Maduro’s administration. The sanctions involved asset freezes and restrictions on conducting business within the United States financial system.
Following a detailed review, OFAC confirmed that his businesses had no connections to the Venezuelan government or any political agenda, leading to the removal of his name from the sanctions list.
Simultaneously, in Spain, the businessman was embroiled in a legal dispute concerning the Son Galcerán estate in Mallorca. A court ruled in favor of D’Agostino+, obligating Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, to refund €2.4 million and provide €300,000 as compensation for damages related to the transaction.
Residing in Mallorca since 2019, D’Agostino continues to be actively involved in international investments and business development.
