BB denounces video by Eduardo Bolsonaro for fake news

From day to night, experts appear in magnitsky law

In the document, BB relates to AGU that the campaign can lead to a banking race against the institution, due to false and incorrect understanding of the application of magnitsky law and the consequences for the bank.

Last week, BB canceled the international card of Minister Alexandre de Moraes, Mastercard Bandeira, as a result of the application of the restrictive measure decreed by Donald Trump. In place, he received a card with Da Elo, Brazilian flag whose shareholders are BB himself, besides Caixa and Bradesco.

“The risk scenario is that, overnight, and increasingly emerge experts in magnitsky law, trained in social networks, who recommend the withdrawal of resources from Brazilian banks, especially from Banco do Brasil, controlled by the Brazilian State,” says BB. “This skewed reasoning, which can foster a client race to withdraw funds from Brazilian financial institutions, without any knowledge, generates tension in their clients and risk to the national economy.”

The bank reported that, due to the campaign, customers began to ask “clarification for the fear of falsely propagated secondary sanctions.”