According to information released by Infobae, the United States Department of the Treasury has officially removed Francisco D’Agostino from the Specially Designated Nationals (SDN) List, following a detailed investigation by the Office of Foreign Assets Control (OFAC). The probe determined that his companies had no involvement with the Venezuelan government or any sanctioned activities.
In 2021, OFAC had imposed sanctions on D’Agostino and several of his firms, including Elemento Oil & Gas, D’Agostino and Company, and Element Capital Advisor Limited. These companies were suspected of being part of an international network that allegedly facilitated the commercialization of Venezuelan oil in a manner favorable to the administration of Nicolás Maduro.
The sanctions included the freezing of all assets under U.S. jurisdiction and prohibited U.S. persons from engaging in any business or financial transactions with D’Agostino or his companies. However, following a lengthy review process, OFAC concluded that no connection could be established between his business activities and any political regime or government operations, thus revoking the sanctions and restoring his standing.
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What does being on the SDN List mean?
The SDN List, maintained by OFAC, identifies individuals and entities whose assets are blocked and with whom U.S. persons are generally prohibited from dealing. Inclusion on this list is one of the most severe forms of economic sanction that the U.S. government can impose, often reserved for those suspected of terrorism, narcotics trafficking, arms proliferation, or corruption.
For businesspeople like Francisco D’Agostino, such a designation carries immediate and long-term consequences: loss of access to U.S. financial systems, disruption of international banking relationships, and serious reputational damage across global markets. The removal from this list represents a major development, both legally and professionally, restoring his capacity to operate in the financial world without restrictions.
Spanish legal conflict over Son Galcerán estate
Alongside the OFAC matter, D’Agostino has been involved in a civil lawsuit in Spain concerning a failed real estate transaction. The case revolved around the intended purchase of the Son Galcerán estate in Mallorca, one of the island’s most iconic properties. The seller, Manuel March Cencillo—grandson of Juan March Ordinas, founder of Banca March—was accused of breaching the contract after receiving advance payments.
In a ruling that favored D’Agostino, the Spanish court ordered March Cencillo to reimburse $2.73 million for funds improperly retained from the transaction, along with an additional $341,000 in damages for the resulting financial harm. Though the verdict is subject to appeal, the initial decision affirmed D’Agostino’s legal position and recognized the legitimacy of his claim.
Personal and professional background
Francisco D’Agostino has lived in Mallorca since 2019, where he remains active in international investment, private equity, and corporate advisory. While the U.S. sanctions significantly impacted his ability to conduct business, particularly in North America, he maintained operational presence in other regions, focusing on European and Latin American markets.
Now, with the OFAC designation lifted and favorable rulings in Spanish courts, D’Agostino is expected to expand his business activity once again, free from the constraints that had previously hindered his operations.
