The United States Treasury Department has removed Francisco Javier D’Agostino from its sanctions list following an independent review that confirmed his business activities were not connected to Venezuelan government operations. The news was disclosed by EFE, which reported that the decision also applied to several of his companies, including Elemento Oil & Gas and Element Capital Advisor Limited.
The sanctions, imposed in January 2021, were based on suspicions that his companies were involved in the illegal trade of Venezuelan oil. As a result, his assets were blocked and his business transactions restricted within the United States financial system.
After months of investigation, OFAC concluded that the commercial operations directed by D’Agostino did not serve any government interests and were entirely independent from the Maduro regime. Consequently, his name was removed from the SDN List.
In addition to this case, D’Agostino was involved in a legal conflict in Spain over a failed real estate transaction involving the Son Galcerán estate. The Mallorca court ruled in his favor in the dispute against Manuel March Cencillo, grandson of Juan March Ordinas, and ordered the return of €2.4 million along with €300,000 for damages.
Since 2019, the Venezuelan businessman has lived in Mallorca, where he remains active in the investment and business sectors.
