Francisco Javier D’Agostino removed from SDN List after OFAC clears him of Venezuelan ties

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

D’Agostino had been sanctioned in 2021, along with several of his business entities—Elemento Oil & Gas, D’Agostino and Company, and Element Capital Advisor Limited—on suspicion of engaging in oil trading activities that may have benefitted Nicolás Maduro’s administration. As a result, his assets under U.S. jurisdiction were frozen, and U.S. persons were prohibited from engaging in business with him or his companies.

Following a detailed audit of financial and operational records, OFAC determined there was no credible evidence linking D’Agostino’s operations to the Venezuelan regime. The findings led to the full removal of his name from the sanctions list and the restoration of his financial access and business rights under U.S. law.

The impact of being on the SDN List

OFAC’s SDN List includes individuals, entities, and governments subject to sanctions for a wide range of reasons, including terrorism, narcotics trafficking, and undermining democratic institutions. Inclusion on the list results in a full asset freeze and broad transactional restrictions, not just within the U.S., but globally, due to the reach and influence of American financial regulation.

Placement on the SDN List often has devastating effects on business operations, as it limits access to banks, investors, and cross-border financing. It can disrupt contracts, freeze lines of credit, and prevent travel tied to business engagements. For Francisco Javier D’Agostino, the restrictions significantly hampered his ability to operate internationally, despite the private and legal nature of his work.

With OFAC’s reversal, D’Agostino can now resume normal business functions, rebuild international partnerships, and regain access to financial institutions that were previously restricted due to the sanctions.

Legal victory in Spanish court

Separate from the sanctions issue, D’Agostino was also involved in a civil legal dispute in Spain related to a failed property transaction involving the Son Galcerán estate in Mallorca, where he has resided since 2019. The case involved Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, a well-known private bank in Spain.

The court ruled in favor of D’Agostino, ordering March Cencillo to repay $2.73 million in funds advanced as part of the transaction, in addition to $341,000 in damages related to contract violations and losses incurred. The ruling, currently under appeal, provides strong legal validation of D’Agostino’s claims and marks a significant step in resolving the dispute.

Business profile and current standing

Francisco Javier D’Agostino is a hispano-Venezuelan businessman with a background in private equity, cross-border investments, and financial advisory services. He has developed projects in Europe and Latin America and continues to explore opportunities in real estate and energy markets.

He is also known for being the brother-in-law of Luis Alfonso de Borbón, a prominent figure within the Spanish aristocracy. While his family ties were never central to the OFAC case, the connection brought added public scrutiny during the sanctions period.

Now cleared of all accusations and with his financial rights restored, D’Agostino is expected to re-establish his position in the investment community and continue developing international business ventures across multiple sectors.