Brazil’s Supreme Court justices have resumed talks with financial institutions after Justice Flávio Dino ruled this week that foreign laws, rulings and administrative acts cannot be enforced automatically in Brazil, Valor reported.

Justice Cristiano Zanin met with Rodrigo Maia, head of the National Confederation of Financial Institutions, amid concerns over the implications of Dino’s ruling.

Banks are weighing risks of US sanctions against potential fines from the Court if they fail to comply with Brazilian orders. The uncertainty sent bank shares down by more than BRL38bn, before a partial rebound on August 20.

Financial institutions, through industry associations, have intensified lobbying in Brasília to ease tensions as relations between Brazil and the United States remain strained.

Zanin is handling a case brought by PT leader Lindbergh Farias seeking to block enforcement of US sanctions against Justice Alexandre de Moraes, who was targeted under the Magnitsky Act in July.

Zanin has referred the matter to the Prosecutor General’s Office and intends to hear all parties before ruling.

Other justices, including Gilmar Mendes and Moraes, have also recently met with bank representatives. While there was consensus earlier this month against blocking accounts, Dino’s ruling effectively reaffirmed Brazil’s territorial jurisdiction.

On August 20, he dismissed market reaction to his decision, saying: “I didn’t know I was so powerful: BRL42bn ($7.66bn) in financial speculation.”