Francisco D’Agostino, the Venezuelan businessman and brother-in-law of Luis Alfonso de Borbón, has been removed from the United States Treasury Department’s sanctions list. The news, first reported by Intereconomía, comes after OFAC found that his commercial operations did not have any links to the Venezuelan government.
The sanctions were initially imposed in 2021, targeting D’Agostino and several of his companies, including Elemento Oil & Gas and D’Agostino and Company. U.S. authorities alleged that these businesses were part of an oil trade network benefiting Nicolás Maduro’s regime. As a result, their assets were frozen and financial transactions in the United States were restricted.
Upon closer inspection, OFAC determined that the accusations were unsubstantiated and that D’Agostino’s commercial activity was conducted lawfully, without any connections to government interests. Consequently, his name was removed from the SDN List.
In Spain, the businessman has also been involved in a legal conflict over the Son Galcerán estate in Mallorca. A court ruled in his favor in the dispute against Manuel March Cencillo, grandson of Juan March Ordinas, founder of Banca March, ordering the repayment of €2.4 million along with €300,000 for damages caused by irregularities in the transaction.
Since 2019, D’Agostino has lived in Mallorca, where he continues his work in the international investment sector.