Now Visa/Mastercard target individuals if you say something against USA (Mastercard has blocked a Brazilian Supreme Court judge’s transactions)

[Abhishek012]

Now Visa/Mastercard target individuals if you say something against the USA (Mastercard has blocked a Brazilian Supreme Court judge’s transactions):

Alexandre de Moraes is a Justice (judge) of the Supreme Federal Court (STF) of Brazil.

The cancellation of a Mastercard credit card issued by Banco do Brasil (BB) marked the first known consequence of applying the Magnitsky Act to Federal Supreme Court (STF) Justice Alexandre de Moraes.

Wikipedia info -

From around 2020, Moraes has generated wide public attention in Brazil and abroad for ordering several arrests, search warrants, and terminations of social media accounts of individuals and groups involved or suspected to be involved in planning coups and propagating fake news, in addition to brief nationwide blocks of widely used platforms that had failed to comply with Brazilian court orders, such as Telegram and Twitter, until their regularization under Brazilian law. He has been a widely controversial figure since, gathering a great number of both supporters and opponents. Among Moraes's supporters is the current president of Brazil Luiz Inácio Lula da Silva and among his critics is the former president Jair Bolsonaro, American president Donald Trump, and Elon Musk.

What happened -

1. U.S. Sanction on Justice Moraes
   The U.S. Treasury Department placed sanctions on Brazilian Supreme Court Justice Alexandre de Moraes under the Global Magnitsky Act. These sanctions freeze any of Moraes’s assets under U.S. jurisdiction and prohibit U.S. persons from doing business with him.
2. Banks and American Card Companies respond by blocking / restricting transactions
   Because of those sanctions, banks (especially those that have any tie to U.S. financial systems or handle transactions in U.S. dollars) began to restrict or block some of Moraes’s transactions, accounts, or financial instruments. Even Brazilian banks are being cautious.

The unprecedented step, combined with the law’s vague wording, has led banks to seek multiple legal opinions. For now, financial institutions are taking a narrow approach, complying with the act strictly as written. That means closing accounts of sanctioned individuals in U.S. subsidiaries and blocking cards with international networks. In Brazil, Mastercard, Visa, and Amex — all American brands — operate alongside Elo (Elo Card is Brazil's Domestic card), controlled by BB, Bradesco, and Caixa.

In Mr. Moraes’ case, his Mastercard card was canceled because it carried an American brand, not because BB has significant operations in the United States. He was offered an Elo card (Elo Card is Brazil's Domestic card) as a replacement, but it can only be used for domestic purchases, not dollar transactions. The justice does not hold accounts abroad, and banks have interpreted that nothing prevents him from maintaining his domestic BB account, through which he receives his salary.

Big picture -

This case is an example of how powerful sanctions (especially by the U.S.) can have effects far beyond their own borders. They force other countries, banks, and US financial institutions like Visa, MasterCard, Amex to make difficult choices between legal obligations, sovereignty, and practical risks.

In Brazil’s case, there’s a tension between respecting U.S. sanctions and preserving the country’s legal autonomy. People are watching this closely because how it’s resolved could set precedents for future cases where foreign sanctions bump up against a country’s domestic law.

 

[nishank]

Rupay Zindabad .😉

 

[Abhishek012]

Rupay Zindabad .😉

Yeah, Brazil also has its "ELO Card" and Instant Payment System "Pix". Otherwise Brazil, India would have become slaves of the US.

China did the right thing by not allowing Visa/Master/Amex entry into its country.

The USA also did the right thing by not allowing JCB Card, UnionPay Card, BC Card (South Korea), Elo Card or Mir Card entry into its country.

But our country India is a country of fools, which allowed Visa/Master/Amex to enter.

Indians are very selfish.

If you talk about democracy, they will start giving the USA as an example — their laws, their freedom, etc.

But if you bring up the USA banning other countries card networks, they will start talking about competition.

Just recently, the United States Trade Representative (USTR) launched a Section 301 investigation into Brazil’s instant-payment system, Pix.

Reason? Because US-based companies cannot compete with Brazil’s Pix — 90% of Brazilians use Pix, not Visa or Mastercard.

If I were to give the USA as an example and say, ‘Look, Visa/Mastercard/Amex are eating into RuPay’s market share; put higher taxes and limitations on them,’ all the greedy Indians would start asking why there’s no competition and tell NPCI/Govt to make RuPay better.

So it’s the same thing. The USA should also focus on making Visa/Mastercard better. Why are they imposing unnecessary investigations, tariffs, etc, on Brazil’s Pix payment system ?