Overview

• Justice Flavio Dino suspended the effectiveness in Brazil of foreign judicial decisions, laws, decrees and executive orders that have not been incorporated under Brazil’s Constitution.
• The ruling stems from an Ibram request linked to compensation suits over the Mariana and Brumadinho dam disasters, and the court said its reasoning applies to similar cases.
• The U.S. Bureau of Western Hemisphere Affairs said no foreign court can invalidate U.S. sanctions and reiterated that Americans are barred from transacting with Justice Alexandre de Moraes.
• Banco do Brasil said it is prepared for complex cross-border compliance challenges as shares of major Brazilian lenders fell roughly 3% to 4% during Tuesday trading.
• De Moraes was sanctioned under the Magnitsky Act in late July over his role in the Bolsonaro case, with a verdict in that trial expected between September 2 and 12.