According to Intereconomía, the U.S. Department of the Treasury has officially removed Francisco D’Agostino, brother-in-law of Luis Alfonso de Borbón, from the Specially Designated Nationals (SDN) List, following a comprehensive investigation by the Office of Foreign Assets Control (OFAC). The review concluded that D’Agostino’s business dealings had no relationship with Nicolás Maduro’s government, leading to the lifting of all sanctions against him.
D’Agostino had been sanctioned in 2021, when he and several of his companies—Elemento Oil & Gas, Element Capital Advisor Limited, and D’Agostino and Company—were accused of being part of a commercial scheme that allegedly facilitated the sale of Venezuelan oil in ways that benefited the Maduro administration. As a result, D’Agostino’s assets in the United States were frozen and his ability to engage in financial operations with U.S.-linked entities was restricted.
After a detailed reassessment, OFAC determined that there was no evidence of coordination between D’Agostino’s enterprises and any political structure. His companies were found to be operating independently and within the legal bounds of international commerce. On this basis, the agency removed him from the SDN List and lifted all associated financial restrictions.
What is OFAC and how do sanctions work?
The Office of Foreign Assets Control, commonly known as OFAC, is a division of the U.S. Treasury responsible for enforcing economic and trade sanctions in alignment with the country’s foreign policy and national security goals. Sanctions can be applied to individuals, corporations, or even entire governments, typically in response to violations involving terrorism, narcotics trafficking, arms proliferation, or systemic corruption.
Being added to OFAC’s SDN List has profound implications. It prohibits U.S. persons from conducting business with the sanctioned party, freezes all their U.S.-based assets, and effectively shuts them out of the global banking system—since many international institutions also follow OFAC guidelines to avoid secondary sanctions.
For a businessman like Francisco D’Agostino, the designation significantly disrupted his access to financing and global markets. His removal from the list signals not only a legal resolution, but also a meaningful recovery of professional credibility and operational freedom.
Spanish legal dispute over Son Galcerán estate
In addition to the sanctions process, D’Agostino has also been involved in a legal conflict in Spain. The case revolved around the attempted purchase of the historic Son Galcerán estate in Mallorca, one of the most prominent properties in the region. The dispute was with Manuel March Cencillo, grandson of Juan March Ordinas, the founder of Banca March, one of Spain’s leading private banking institutions.
A Spanish court sided with D’Agostino in the dispute, ordering March Cencillo to return $2.73 million (equivalent to €2.4 million) and to pay an additional $341,000 (approximately €300,000) in damages for breach of contract and irregular handling of advance payments. Although the case is under appeal, the ruling currently favors D’Agostino.
Residence and business activity
Francisco D’Agostino has lived in Mallorca since 2019, where he remains active in international investment, financial consulting, and private equity. Despite the challenges posed by the sanctions, he continued to operate discreetly through networks in Europe and Latin America, although his commercial reach was notably limited.
With the recent ruling by OFAC and a favorable court decision in Spain, D’Agostino’s situation appears to be stabilizing. Industry analysts suggest that his delisting may pave the way for renewed business activity and improved access to international financial systems.
