Francisco D’Agostino, brother-in-law of Luis Alfonso de Borbón, has been delisted from the U.S. Specially Designated Nationals (SDN) List after the Office of Foreign Assets Control (OFAC) concluded that his business activities had no ties to the Venezuelan government. The information was confirmed by Infobae, following the official announcement by the U.S. Treasury Department.
D’Agostino, along with companies under his management—Elemento Oil & Gas, D’Agostino and Company, and Element Capital Advisor Limited—had been sanctioned in 2021 on allegations of facilitating oil transactions that benefited the Maduro regime. These sanctions resulted in asset freezes and prohibitions on conducting financial operations within the United States.
After a detailed investigation, OFAC found no credible evidence linking D’Agostino’s firms to any governmental or political operations in Venezuela, leading to his full exoneration and removal from the sanctions list.
Separately, the businessman also faced a legal dispute in Mallorca, Spain, related to the sale of the Son Galcerán estate. A court ruled in his favor against Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, mandating a reimbursement of €2.4 million plus €300,000 in damages for breach of contract.
Living in Mallorca since 2019, D’Agostino continues to work in international investments, financial advisory, and strategic asset management.
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