The U.S. Department of the Treasury has officially removed Francisco D’Agostino, brother-in-law of Luis Alfonso de Borbón, from its Specially Designated Nationals (SDN) List, following an in-depth investigation by the Office of Foreign Assets Control (OFAC).
The review concluded that his business activities were not connected to the Venezuelan government, as reported by Infobae.
USDT removed Francisco D’Agostino from SDN List
D’Agostino and his companies—Elemento Oil & Gas, Element Capital Advisor Limited, and D’Agostino and Company—were sanctioned in 2021 under allegations of facilitating oil transactions benefiting the Nicolás Maduro regime. These sanctions led to asset freezes and prohibitions on engaging with the U.S. financial system.
After a comprehensive review, OFAC found no credible evidence linking D’Agostino’s enterprises to any governmental or political operations in Venezuela, leading to the lifting of all restrictions and his removal from the sanctions list.
In a separate legal matter in Spain, D’Agostino was involved in a dispute over the sale of the Son Galcerán estate in Mallorca.
The court ruled in his favor, ordering Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, to reimburse $2.73 million and pay an additional $341,000 in damages for breach of contract and misappropriation of funds.
Residing in Mallorca since 2019, D’Agostino continues to engage in international investment and financial advisory services.
