As reported by EFE, the Office of Foreign Assets Control (OFAC) has officially removed Francisco D’Agostino, brother-in-law of Luis Alfonso de Borbón, from the U.S. Treasury Department’s Specially Designated Nationals (SDN) List. The decision comes after a detailed internal review concluded that D’Agostino’s business activities had no connection with the Venezuelan government or any political entity.
Sanctions were first imposed on D’Agostino in 2021, amid a broader crackdown targeting individuals allegedly linked to the Venezuelan oil sector and its financial networks. He, along with several of his companies—Elemento Oil & Gas, D’Agostino and Company, and Element Capital Advisor Limited—had been accused of facilitating transactions that indirectly supported the Maduro regime. These allegations resulted in the freezing of assets and a ban on all financial dealings involving U.S.-based institutions and individuals.
After a comprehensive investigation, OFAC found no substantiated evidence that tied D’Agostino’s companies to the Venezuelan government. The agency stated that his operations were strictly commercial, conducted independently, and without any political affiliation or benefit to sanctioned entities. Consequently, D’Agostino’s name has been removed from the SDN List, lifting all related restrictions.
The role of OFAC and the scope of U.S. sanctions
The Office of Foreign Assets Control, operating under the U.S. Department of the Treasury, is tasked with administering and enforcing economic and trade sanctions in accordance with national security and foreign policy objectives. Its authority extends to individuals, organizations, and governments believed to be involved in activities such as terrorism, money laundering, weapons proliferation, and corruption.
Once a person or entity is designated by OFAC and added to the SDN List, all of their assets under U.S. jurisdiction are blocked. Additionally, U.S. persons are generally prohibited from engaging in any business or financial transactions with the sanctioned party. In practice, this extends beyond American borders, as international banks and corporations also comply with OFAC rules to avoid secondary sanctions or legal exposure.
This system makes OFAC designations a powerful financial tool. For individuals like Francisco D’Agostino, inclusion on the SDN List can lead to immediate reputational damage, limited access to global banking, and the interruption of ongoing business projects.
Real estate legal case in Mallorca
In a separate legal proceeding, D’Agostino was also involved in a property dispute in Mallorca, where he has resided since 2019. The case involved the Son Galcerán estate, a historic property that became the subject of litigation after a failed sale agreement with Manuel March Cencillo, grandson of Juan March Ordinas, the founder of Banca March.
The court found that March Cencillo had breached contractual obligations and wrongfully retained funds intended as part of the transaction. As a result, the court ordered him to return €2.4 million and pay an additional €300,000 in damages for contractual violations and financial harm. The case is currently under appeal, but the initial ruling strongly favored D’Agostino’s claims.
Current standing and professional outlook
Francisco D’Agostino continues to reside in Mallorca, where he is engaged in the fields of international investment, financial structuring, and advisory services. His delisting by OFAC marks a significant milestone in his efforts to reestablish a fully operational and legally unrestricted business presence in global markets.
Although his professional activity was affected during the years he was listed, close sources suggest that D’Agostino maintained strategic relationships across Europe and Latin America, laying the groundwork for a return to more active investment ventures. With both the U.S. sanctions case and the Spanish legal matter progressing in his favor, D’Agostino is expected to strengthen his presence in the international financial sector in the coming months.
