Latest news with #AlexandredeMoraes
Yahoo
13 hours ago
- Business
- Yahoo
Brazilian banks scramble to understand scope of US sanctions on Supreme Court justice
By Marcela Ayres BRASILIA (Reuters) -Brazilian banks are scrambling to assess the domestic fallout from sweeping U.S. sanctions against a Supreme Court justice who oversees a criminal trial against an ally of President Donald Trump, as legal teams weigh how the move to isolate the judge financially could ripple through Brazil's financial system. Justice Alexandre de Moraes is presiding over the trial of former President Jair Bolsonaro, a far-right leader who is accused of plotting a coup to overturn his 2022 electoral loss. Bolsonaro has denied attempting to overthrow the government, but said he attended meetings aimed at reversing the vote. Trump, who has called the trial a "witch hunt" and revoked Moraes' U.S. visa, on Wednesday sanctioned the justice under the Global Magnitsky Act, accusing him of authorizing arbitrary detentions and suppressing free speech. The act allows the U.S. to impose economic penalties against foreigners it considers to have a record of corruption or human rights abuses. The U.S. sanctions were accompanied by an executive order imposing steeper tariffs on Brazilian goods that also cited the case against Bolsonaro. Sanctions under the Magnitsky Act freeze assets under U.S. jurisdiction and bar U.S. firms from doing business with designated individuals. While Moraes holds no assets in the United States, according to Brazil's Supreme Court, the sanctions could prevent him from using payment cards backed by U.S. financial companies such as Visa and Mastercard. The global reach of the U.S. financial system often leads foreign banks to restrict a wider range of transactions by sanctioned individuals to avoid secondary sanctions, raising questions of how far Brazilian financial institutions need to go to comply with the new orders. Bradesco CEO Marcelo Noronha told analysts on Thursday the bank was awaiting legal opinions from law firms it hired to assess the sanctions' reach. A source at another top-five bank in Brazil said its initial view is that domestic operations are unaffected, but international and foreign exchange transactions could breach U.S. rules. "So far, the consensus is that the safest ground is limited to transactions in local currency," the source said on condition of anonymity because the bank's analysis is private. Brazil's central bank did not immediately comment on whether it had issued guidance to financial institutions on the matter. Eduardo Bolsonaro, the former president's son and a lawmaker who is in the U.S. lobbying for his father and for amnesty for rioters who stormed government buildings following the election loss, praised the sanctions online, saying the cost of supporting Moraes "will be unbearable" and would be closely monitored by U.S. authorities. President Luiz Inacio Lula da Silva condemned the sanctions as unacceptable interference in Brazil's judiciary, while Vice President Geraldo Alckmin said that the Magnitsky Act should not punish judges for doing their job. In a statement on Wednesday, Brazil's Supreme Court said it "will not deviate from its role of upholding the constitution and the country's laws." On Wednesday night, Moraes was seen waving and smiling to fans at a soccer match. A picture of him making a rude gesture during the match circulated widely on social media and the local press.
Reuters
13 hours ago
- Business
- Reuters
Brazilian banks scramble to understand scope of US sanctions on Supreme Court justice
BRASILIA, July 31 (Reuters) - Brazilian banks are scrambling to assess the domestic fallout from sweeping U.S. sanctions against a Supreme Court justice who oversees a criminal trial against an ally of President Donald Trump, as legal teams weigh how the move to isolate the judge financially could ripple through Brazil's financial system. Justice Alexandre de Moraes is presiding over the trial of former President Jair Bolsonaro, a far-right leader who is accused of plotting a coup to overturn his 2022 electoral loss. Bolsonaro has denied attempting to overthrow the government, but said he attended meetings aimed at reversing the vote. Trump, who has called the trial a "witch hunt" and revoked Moraes' U.S. visa, on Wednesday sanctioned the justice under the Global Magnitsky Act, accusing him of authorizing arbitrary detentions and suppressing free speech. The act allows the U.S. to impose economic penalties against foreigners it considers to have a record of corruption or human rights abuses. The U.S. sanctions were accompanied by an executive order imposing steeper tariffs on Brazilian goods that also cited the case against Bolsonaro. Sanctions under the Magnitsky Act freeze assets under U.S. jurisdiction and bar U.S. firms from doing business with designated individuals. While Moraes holds no assets in the United States, according to Brazil's Supreme Court, the sanctions could prevent him from using payment cards backed by U.S. financial companies such as Visa (V.N), opens new tab and Mastercard (MA.N), opens new tab. The global reach of the U.S. financial system often leads foreign banks to restrict a wider range of transactions by sanctioned individuals to avoid secondary sanctions, raising questions of how far Brazilian financial institutions need to go to comply with the new orders. Bradesco CEO Marcelo Noronha told analysts on Thursday the bank was awaiting legal opinions from law firms it hired to assess the sanctions' reach. A source at another top-five bank in Brazil said its initial view is that domestic operations are unaffected, but international and foreign exchange transactions could breach U.S. rules. "So far, the consensus is that the safest ground is limited to transactions in local currency," the source said on condition of anonymity because the bank's analysis is private. Brazil's central bank did not immediately comment on whether it had issued guidance to financial institutions on the matter. Eduardo Bolsonaro, the former president's son and a lawmaker who is in the U.S. lobbying for his father and for amnesty for rioters who stormed government buildings following the election loss, praised the sanctions online, saying the cost of supporting Moraes "will be unbearable" and would be closely monitored by U.S. authorities. President Luiz Inacio Lula da Silva condemned the sanctions as unacceptable interference in Brazil's judiciary, while Vice President Geraldo Alckmin said that the Magnitsky Act should not punish judges for doing their job. In a statement on Wednesday, Brazil's Supreme Court said it "will not deviate from its role of upholding the constitution and the country's laws." On Wednesday night, Moraes was seen waving and smiling to fans at a soccer match. A picture of him making a rude gesture during the match circulated widely on social media and the local press.
Epoch Times
17 hours ago
- Politics
- Epoch Times
US Sanctions Brazilian Judge Overseeing Bolsonaro Case
The U.S. Treasury Department said on Wednesday it has sanctioned Brazilian Supreme Court Justice Alexandre de Moraes, accusing him of targeting political opponents and suppressing free speech. De Moraes is overseeing the case against former President Jair Bolsonaro, who is accused of involvement in an alleged coup attempt on Jan. 8, 2023. The Supreme Court justice imposed restrictions on the former president on July 18. The restrictions included an ankle monitor, a ban on social media use, and no contact with foreign embassies.
Time of India
a day ago
- Politics
- Time of India
'Politicized prosecution': US calls Bolsonaro's trial violation of human right; sanctions Brazilian judge De Moraes for overseeing trial
Alexandre de Moraes, US President Donald Trump (AP) Diplomatic wires between Brazil and United States have been tense as US imposed sanctions on Brazilian Supreme Court Justice Alexandre de Moraes on Wednesday,accusing him of a politically motivated trial against former Brazilian President Jair Bolsonaro. 'De Moraes is responsible for an oppressive campaign of censorship, arbitrary detentions that violate human rights, and politicized prosecutions — including against former President Jair Bolsonaro,' said US Treasury Secretary Scott Bessent in a statement, reported AP. The sanctions were announced under the Global Magnitsky Human Rights Accountability Act, a measure aimed at punishing individuals involved in human rights abuses and corruption. The action includes freezing any assets or property de Moraes may hold in the US. De Moraes is presiding over the criminal case against former Brazilian President Bolsonaro, who is accused of attempting to remain in power despite his 2022 electoral loss to current President Luiz Inácio Lula da Silva. The move follows earlier US visa restrictions announced on July 18 targeting Brazilian judicial officials, including de Moraes. Wednesday's order described Brazil's domestic policies and Bolsonaro's prosecution as an 'unusual and extraordinary threat' to US national security, foreign policy, and economy. Eduardo Bolsonaro, son of the former president and a prominent right-wing politician, celebrated the sanctions on social media platform X, calling them a 'historic milestone' and warning that 'abuses of authority now have global consequences.' Eduardo, who relocated to the US in March, is under investigation in Brazil for allegedly collaborating with US authorities to impose sanctions on Brazilian officials.
UPI
a day ago
- Business
- UPI
Trump admin. hits Brazil with tariffs, sanctions over Bolsonaro case
Brazilian Supreme Court Judge Alexandre de Moraes participates in a June 9 hearing on the criminal case against former Brazilian President Jair Bolsonaro. On Wednesday, the U.S. Treasury Department sanctioned the judge. File Photo by Andre Borges/EPA July 30 (UPI) -- The Trump administration on Wednesday hit Brazil with tariffs and sanctions over the criminal case against former far-right President Jair Bolsonaro. President Donald Trump signed an executive order Wednesday imposing a 40% tariff on Brazilian goods, for a total levy of 50%. The executive order accuses Brazil of taking actions that harm and threaten the economy of the United States as well as mentioning Brazilian Supreme Court Justice Alexandre de Moraes, whom the American president said abused his judicial authority "to target political opponents," specifically Bolsonaro, a Trump ally. It also cites other prosecutions and censorship of social media in the South American nation. Treasury Secretary Scott Bessent on Wednesday also announced sanctions against de Moraes, which include the blocking of all of his property and investments in the United States. "Alexandre de Moraes has taken it upon himself to be judge and jury in an unlawful witch hunt against U.S. and Brazilian citizens and companies," Bessent said in a statement. "De Moraes is responsible for an oppressive campaign of censorship, arbitrary detentions that violate human rights, and politicized prosecutions -- including against former President Jair Bolsonaro. Today's action makes clear that Treasury will continue to hold accountable those who threaten U.S. interests and the freedoms of our citizens." The action by the Treasury Department is based on the Global Magnitsky Human Rights Accountability Act and targets perpetrators of serious human rights abuses worldwide. De Moraes was appointed to the Brazilian Supreme Court in 2017. "Since that time, de Moraes has become one of Brazil's most powerful individuals, wielding immense authority through his oversight of expansive STF investigations," the Treasury Department release said. "De Moraes has investigated, prosecuted, and suppressed those who have engaged in speech that is protected under the U.S. Constitution, repeatedly subjecting victims to long preventive detentions without bringing charges. "Through his actions as an STF justice, de Moraes has undermined Brazilians' and Americans' rights to freedom of expression. In one notable instance, de Moraes arbitrarily detained a journalist for over a year in retaliation for exercising freedom of expression." The judge is investigating online misinformation and has ordered the takedown of social media accounts that violate Brazil's freedom of speech. In 2024, Elon Musk's X restored service in the country after paying a $5 million fine and appointing a new legal representative there. Trump's social media company, The Trump Media & Technology Group, sued de Moraes in February, accusing him of censoring conservative voices on social media. On July 19, Secretary of State Marco Rubio revoked the visas of the judge and his family members. De Moraes doesn't travel often to the United States, The Washington Post reported. "President Trump made clear that his administration will hold accountable foreign nationals who are responsible for censorship of protected expression in the United States," Rubio said in a statement then. "Brazilian Supreme Federal Court Justice Alexandre de Moraes's political witch hunt against Jair Bolsonaro created a persecution and censorship complex so sweeping that it not only violates basic rights of Brazilians, but also extends beyond Brazil's shores to target Americans." The announcement came 11 days after the State Department revoked de Moraes' visa. The visa restriction policy is pursuant to the Immigration and Nationality Act, which authorizes the secretary of State to deny entry to anyone whose entry into the United States "would have potentially serious adverse foreign policy consequences." The judge is on the judicial panel presiding over Bolsonaro's trial before Brazil's Supreme Court. He was indicted in February after an alleged coup. Bolsonaro has been accused of attempting to violently retain power after his 2022 election loss to Luiz Inacio Lula da Silva. Lula, in a speech earlier this month, condemned Bolsonaro's supporters, whom he accused of siding with Trump about the "witch hunt." "They're the true traitors of the homeland," he said. "They don't care about the economy of the country or the damage caused to our people." Four days before Rubio's order, Trump called the nation's treatment of the former leader a "witch hunt." Trump wrote a letter to Lula threatening a 50% tariff on imported goods on Aug. 1 because of how Bolsonaro "has been treated" and an "unfair trade relationship." The United States has a trade surplus, exporting roughly $49 billion worth of goods in 2024 compared with $42 billion in imports, according to the U.S. Census Bureau. Trump said that "the way Brazil has treated former President Bolsonaro, a Highly Respected Leader throughout the World during his term, including by the United States, is an international disgrace. The trial should not be taking place. It is a Witch Hunt that should end IMMEDIATELY." Trump also noted "Brazil's insidious attacks on Free Elections, and the Fundamental Free Speech Rights of Americans." Three days later, Trump posted on Truth Social a letter sent to Bolsonaro about his "terrible treatment you are receiving at the hands of an unjust system turned against you," demanding an immediate trial. "It is my sincere hope that the Government of Brazil changes course, stops attacking political opponents, and ends their ridiculous censorship regime. I will be watching closely."
