{"id":95450,"date":"2025-08-21T21:48:12","date_gmt":"2025-08-22T00:48:12","guid":{"rendered":"https:\/\/murray.adv.br\/?p=95450"},"modified":"2025-08-21T21:48:12","modified_gmt":"2025-08-22T00:48:12","slug":"supreme-court-justices-meet-with-bank-representatives","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/supreme-court-justices-meet-with-bank-representatives\/","title":{"rendered":"Supreme Court justices meet with bank representatives"},"content":{"rendered":"
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Banks still unclear on full impact of Justice Dino\u2019s ruling putting check on effects of Magnitsky sanctions<\/em><\/h6>\n<\/div>\n<\/div>\n
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08\/21\/2025<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

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Justices of Brazil\u2019s Federal Supreme Court (STF) have resumed meetings with representatives of financial institutions following a ruling issued Monday (18) by Justice Fl\u00e1vio Dino against the immediate enforcement in Brazil of foreign laws, court rulings, administrative acts, and executive orders.<\/p>\n<\/div>\n

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Justice Cristiano Zanin met Tuesday (19) at 6:30 p.m. with Rodrigo Maia, former speaker of the Chamber of Deputies and now president of the National Confederation of Financial Institutions (formerly CNF, now FIN). The two had already met earlier this month after Mr. Zanin was appointed rapporteur in a case seeking to prevent the STF from allowing the blocking of Justice Alexandre de Moraes\u2019s bank accounts. Since Monday, other justices have also met with bank representatives.<\/p>\n<\/div>\n

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According to reporting by Valor, banks remain uncertain about the full scope of Dino\u2019s decision. On one hand, they fear sanctions from the United States; on the other, fines from the Supreme Court should they fail to comply with the Brazilian order.<\/p>\n<\/div>\n

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The ruling has fueled uncertainty in the sector. On Tuesday (19), the day after Mr. Dino\u2019s move, banks lost more than R$38 billion in market value amid concerns that the justice\u2019s reaction could trigger stricter enforcement of the law by the Donald Trump administration. Shares partly recovered yesterday.<\/p>\n<\/div>\n

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Bankers head to Bras\u00edlia<\/strong><\/p>\n<\/div>\n

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Through industry associations, financial institutions have been lobbying in Bras\u00edlia to defuse tensions as relations between Brazil and the U.S. escalate.<\/p>\n<\/div>\n

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Mr. Zanin is handling a case filed by Federal Deputy Lindbergh Farias (Workers\u2019 Party, PT, Rio de Janeiro), leader of the PT in the lower house, requesting that the STF prevent Brazilian banks from blocking Mr. Moraes\u2019s accounts. The justice was sanctioned in July under the Magnitsky Act.<\/p>\n<\/div>\n

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On August 1, Mr. Zanin referred the matter to the Office of the Prosecutor General (PGR) and is awaiting its opinion. He has signaled that he intends to hear all parties involved, including banks, before issuing any ruling.<\/p>\n<\/div>\n

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Earlier this month, Justices Gilmar Mendes and Moraes also held meetings with bank representatives, with the consensus at the time being that no accounts would be blocked. Should moves in that direction occur, however, the STF could step in to stop the enforcement of the Magnitsky Act in Brazil\u2014as Mr. Dino effectively did on Monday (18). His ruling, though, came in a case unrelated to U.S. sanctions, instead involving lawsuits filed by Brazilian municipalities in the United Kingdom over environmental disasters.<\/p>\n<\/div>\n

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Dino pushes back with irony<\/strong><\/p>\n<\/div>\n

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Justice Dino on Wednesday (20) mocked the financial market\u2019s reaction to his ruling against the immediate enforcement in Brazil of foreign laws, rulings, and administrative acts. \u201cI issued a decision yesterday [Tuesday] and the day before [Monday]. The one they say crashed the markets. I didn\u2019t know I was so powerful: R$42 billion in financial speculation. Fortunately, age teaches you not to be impressed by small things. Obviously one thing has nothing to do with the other.\u201d<\/p>\n<\/div>\n

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\u201cWe should not be swayed by foam. This was a ruling for a specific case. The first technical challenge is understanding. A decision on acts by the U.S. has nothing to do with a drop in the stock market,\u201d he added.<\/p>\n<\/div>\n

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\u201cIt was a decision among so many obvious points of the principle of territoriality. Nothing heterodox, just a repetition of concepts that are established worldwide,\u201d Mr. Dino continued. \u201cThere are Brazilian companies with extensive operations in the U.S. Imagine if Brazil\u2019s Superior Labor Court issued a ruling saying labor relations there must follow Brazilian law. I don\u2019t think it would be very well received.\u201d<\/p>\n

*By\u00a0Tiago Angelo\u00a0and\u00a0Maira Escardovelli\u00a0\u2014 Bras\u00edlia<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Banks still unclear on full impact of Justice Dino\u2019s ruling putting check on effects of Magnitsky sanctions       08\/21\/2025 Justices of Brazil\u2019s Federal Supreme Court (STF) have resumed meetings with representatives of financial institutions following a ruling issued Monday (18) by Justice Fl\u00e1vio Dino against the immediate enforcement in Brazil of foreign laws, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26349],"class_list":["post-95450","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-supreme-court-justices-meet-with-bank-representatives"],"yoast_head":"\nSupreme Court justices meet with bank representatives - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/supreme-court-justices-meet-with-bank-representatives\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Supreme Court justices meet with bank representatives - 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