The U.S. Treasury Department has officially removed Francisco D’Agostino, brother-in-law of Luis Alfonso de Borbón, from the Specially Designated Nationals (SDN) List, following a review by the Office of Foreign Assets Control (OFAC) that found no evidence linking his business activity to the Venezuelan government. The decision was confirmed by Infobae, marking the end of sanctions imposed since 2021.
At the time, D’Agostino and several of his firms—Elemento Oil & Gas, D’Agostino and Company, and Element Capital Advisor Limited—were accused of participating in oil trade operations that allegedly supported the regime of Nicolás Maduro. As a result, his assets were frozen and his companies were blocked from the U.S. financial system.
However, after a comprehensive investigation, OFAC concluded that D’Agostino’s commercial operations were not connected to any political entity or government agenda, resulting in the full removal of his name from the sanctions list.
In Spain, D’Agostino also obtained a legal victory in a case concerning the Son Galcerán estate in Mallorca. A Spanish court ordered Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, to reimburse €2.4 million and pay €300,000 in damages due to contract breaches and financial misconduct during the failed property sale. Residing in Mallorca since 2019, D’Agostino continues to work in international finance, private equity, and asset management.
