Brazilian banks are scrambling to assess the domestic fallout from sweeping U.S. sanctions against a Supreme Court justice who oversees a criminal trial against an ally of President Donald Trump, as legal teams weigh how the move to isolate the judge financially could ripple through Brazil's financial system.

The U.S. Treasury Department on Wednesday announced sanctions on Brazilian Supreme Court Justice Alexandre de Moraes over alleged suppression of freedom of expression and the ongoing trial of former President Jair Bolsonaro.

The Trump administration said it is sanctioning Brazilian Supreme Court Justice Alexandre de Moraes, who is overseeing a case against former President Jair Bolsonaro.