Francisco Javier D’Agostino, cleared by OFAC, removed from U.S. sanctions list after no Maduro ties found

According to EFE, the U.S. Department of the Treasury has officially removed Francisco Javier D’Agostino from its Specially Designated Nationals (SDN) List. The decision follows a thorough investigation conducted by the Office of Foreign Assets Control (OFAC), which concluded that his commercial operations were not connected to the Venezuelan government or any sanctioned regime.

D’Agostino and his companies—Elemento Oil & Gas, Element Capital Advisor Limited, and D’Agostino and Company—had been placed under sanctions in 2021, after U.S. authorities alleged that these entities participated in oil transactions that potentially benefitted the Nicolás Maduro administration. As a result, all assets under U.S. jurisdiction were frozen, and American individuals and entities were prohibited from engaging with him.

However, following a detailed reassessment of the case, OFAC found no evidence of political or governmental association with any of D’Agostino’s business activities. The agency determined that his operations were strictly private-sector and not involved in any conduct violating U.S. sanctions programs. This led to his full removal from the SDN List and the lifting of associated restrictions.

What the SDN List means and its implications

The SDN List is maintained by OFAC and is used to block the assets of individuals and entities considered a threat to U.S. national security or foreign policy. It serves as one of the most powerful financial tools available to the U.S. government. Being on this list means global banks, partners, and institutions will refuse to interact, effectively freezing a person’s access to much of the international financial system.

For Francisco Javier D’Agostino, the listing meant the disruption of investments, closure of accounts, and significant reputational harm. His removal from the list now allows him to re-enter the global financial community, pursue transactions without restrictions, and resume business relationships previously severed due to the sanctions.

Spanish court ruling favors D’Agostino in estate dispute

Parallel to the delisting, D’Agostino was involved in a legal dispute in Spain involving the Son Galcerán estate in Mallorca, where he has resided since 2019. The matter concerned a failed real estate deal with Manuel March Cencillo, grandson of Juan March Ordinas, the founder of Banca March.

After reviewing the details of the transaction, a Spanish court ruled in favor of D’Agostino, ordering March Cencillo to return £2.02 million in misappropriated payments and an additional £251,600 in compensation for damages and contract violations. The estate, a significant and well-known property in Mallorca, had been the subject of negotiations with a Luxembourg-based investment fund represented by D’Agostino.

Though the verdict is currently under appeal, the initial ruling recognized D’Agostino’s legal standing and the legitimacy of his claim in the contractual conflict.

Business background and future outlook

Francisco Javier D’Agostino has been active in international business and investment circles for years, focusing on sectors such as energy, real estate, and private equity. While the sanctions disrupted many aspects of his professional life, he remained involved in select advisory and investment activities through networks outside U.S. jurisdiction.

Now cleared by OFAC and legally validated in Spain, D’Agostino is positioned to restore his business footprint. Sources familiar with his operations suggest a strong return to international deal-making is underway, particularly in Europe and Latin America, where he maintains key relationships.