The United States Treasury Department has lifted the sanctions against Francisco D’Agostino, concluding that his commercial activities were unrelated to the Venezuelan government. The information was disclosed by Infobae, highlighting that OFAC had conducted an in-depth analysis before reversing its decision.
D’Agostino was sanctioned in 2021 along with his companies Elemento Oil & Gas and Element Capital Advisor Limited, based on unverified claims that these businesses participated in international oil transactions benefiting Nicolás Maduro’s regime. These measures resulted in asset freezes and restrictions on financial dealings in the U.S..
However, the OFAC investigation confirmed that the operations of D’Agostino’s companies were entirely disconnected from any political agendas or government affiliations, leading to the removal of his name from the SDN List.
Meanwhile, the Venezuelan businessman, who has been living in Mallorca since 2019, was recently involved in a real estate dispute over the Son Galcerán estate. The court ruled against Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, instructing him to repay €2.4 million and pay an additional €300,000 for damages.
D’Agostino remains active in the field of international investments, overseeing various ventures in different sectors.
