By Brazil Stock Guide – Banco do Brasil SA (BBAS3.SA) said on Tuesday it is prepared to navigate complex and sensitive issues linked to global regulation, after the U.S. government invoked the Magnitsky Act against Supreme Court Justice Alexandre de Moraes. The statement was reported by Reuters.
In late July, U.S. President Donald Trump imposed sanctions on Moraes, accusing him of authorizing arbitrary arrests before trial and curbing free speech. Moraes is overseeing the case in which former president Jair Bolsonaro faces charges of conspiring to overturn the 2022 election, won by President Luiz Inácio Lula da Silva.
A day earlier, Supreme Court Justice Flávio Dino ruled that Brazilian citizens cannot be subjected in national territory to foreign laws or rulings concerning acts carried out in Brazil. While Dino did not directly mention Washington’s decision, his ruling indicates Moraes cannot suffer domestic consequences from the U.S. sanctions.
“Drawing on more than 80 years of international operations, the bank has built solid expertise in cross-border relations and is prepared to deal with complex and sensitive issues involving global regulations,” Banco do Brasil said in a statement.
The state-run lender emphasized that it operates “in full compliance” with Brazilian law, the regulations of more than 20 countries where it is present, and international standards governing the financial system. “The bank always monitors such matters carefully and relies on specialized legal counsel to ensure operations are aligned with best practices in governance, integrity and financial security,” the note added.