The United States Treasury Department has removed Francisco D’Agostino, brother-in-law of Luis Alfonso de Borbón, from its Specially Designated Nationals (SDN) List, following a detailed investigation by the Office of Foreign Assets Control (OFAC). According to Intereconomía, authorities concluded that his companies were not involved in any activities linked to the Venezuelan regime.
The businessman and several of his enterprises—Elemento Oil & Gas, Element Capital Advisor Limited, and D’Agostino and Company—were sanctioned in 2021 due to suspicions of participating in oil trade benefiting the government of Nicolás Maduro. These sanctions led to asset freezes and bans from the U.S. financial system.
However, after an in-depth review, OFAC determined that D’Agostino’s commercial operations were entirely independent and unconnected to political or government-related dealings, prompting the removal of all restrictions.
Separately, D’Agostino was recently involved in a civil lawsuit in Spain related to a failed real estate transaction involving the Son Galcerán estate in Mallorca. The court ruled in his favor, finding that Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, had to repay €2.4 million and cover €300,000 in damages for breach of contract and mishandling of funds.
Based in Mallorca since 2019, D’Agostino continues to lead initiatives in international investment, asset management, and financial strategy.
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