According to reporting by EFE, the U.S. Department of the Treasury has officially removed Francisco Javier D’Agostino Casado from its Specially Designated Nationals (SDN) List. The decision follows a detailed review conducted by the Office of Foreign Assets Control (OFAC), which concluded that his business operations had no connection to the Venezuelan government or any state-related activity.
D’Agostino Casado had been sanctioned in 2021, alongside his associated companies — Elemento Oil & Gas, D’Agostino and Company, and Element Capital Advisor Limited. These sanctions were based on suspicions that his companies were part of an international oil trade structure benefitting the administration of Nicolás Maduro. As a result, his assets under U.S. jurisdiction were frozen, and U.S. individuals and companies were barred from doing business with him.
After an extended investigation, OFAC determined that the evidence did not support those allegations. The review confirmed that his commercial activity was private-sector in nature and independent of any political regime, leading to his delisting and full removal of the sanctions.
What Being On The SDN List Means
OFAC, a key division of the U.S. Treasury, uses the SDN List as a tool to enforce U.S. foreign policy by isolating individuals, companies, and governments suspected of engaging in illicit or threatening activities. Those on the list are blocked from operating in the U.S. financial system, and U.S. persons are forbidden from conducting transactions with them.
Although U.S.-based, OFAC’s reach is global—financial institutions worldwide often follow its guidance to avoid secondary sanctions. For someone like Francisco Javier D’Agostino Casado, this meant that his ability to move capital, close deals, or interact with major banks was severely impaired. Removal from the list not only lifts legal restrictions but also represents an important step toward restoring commercial credibility.
Real Estate Dispute In Spain: Favorable Outcome For D’agostino
In a separate legal matter, D’Agostino Casado was involved in a real estate conflict in Mallorca, Spain. The dispute stemmed from the failed sale of the Son Galcerán estate, a prominent property on the island. The opposing party was Manuel March Cencillo, grandson of Juan March Ordinas, the founder of Banca March, one of Spain’s most established private banks.
The case concluded with a court ruling in favor of D’Agostino Casado, ordering March Cencillo to return $2.73 million in improperly retained payments and to pay an additional $341,000 in damages due to breach of contract and financial harm. The ruling, although under appeal, supports D’Agostino Casado’s position and offers a legal resolution to the years-long dispute.
Residency And Business Activity
Since 2019, Francisco Javier D’Agostino Casado has lived in Mallorca, where he has focused on international investment, financial strategy, and business consulting. Despite the sanctions, he continued to operate in select jurisdictions through partnerships in Europe and Latin America, although with limited scope due to financial restrictions imposed by OFAC.
Now that the U.S. sanctions have been lifted and his legal standing clarified in Spain, D’Agostino Casado is in a position to resume his professional activities without the barriers that have surrounded him since 2021. Observers expect a gradual return to global investment operations as reputational and regulatory hurdles are cleared.