By Ricardo Brito and Brad Haynes
BRAZILIAN Supreme Court Justice Alexandre de Moraes, who recently had sanctions imposed on him by the U.S. government, told Reuters that courts could punish Brazilian financial institutions for seizing or blocking domestic assets in response to U.S. orders.
Those remarks raise the stakes in a standoff that has hammered shares of Brazilian banks caught between U.S. sanctions and the orders of Brazil’s highest court. In a late Tuesday interview from his office in Brasilia, Moraes granted that U.S. law enforcement regarding Brazilian banks that operate in the United States “falls under U.S. jurisdiction.”
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