IBOV 176,210 ▼ 0.81% IPSA 10,564 ▼ 0.34% IPC MEX 68,333 ▼ 0.07% MERVAL 2,846,220 ▼ 1.08% COLCAP 2,118 ▼ 0.22% BVL PERÚ 19,767 ▲ 0.37% USD/BRL 5.04 ▲ 0.05% USD/MXN 17.25 ▼ 0.44% USD/CLP 900.71 — 0.00% USD/COP 3,684 ▲ 0.78% USD/PEN 3.40 ▼ 0.51% USD/ARS 1,399 ▼ 0.14% USD/UYU 39.92 — 0.00% USD/PYG 6,064 — 0.00% USD/BOB 6.85 — 0.00% USD/DOP 58.86 — 0.00% USD/CRC 451.95 — 0.00% USD/GTQ 7.62 — 0.00% USD/HNL 26.61 — 0.00% USD/NIO 36.62 — 0.00% USD/VES 529.18 ▼ 0.13% USD/PAB 1.00 ▲ 2.23% USD/BZD 2.00 ▲ 1.66% USD/JMD 156.69 ▲ 0.53% USD/TTD 6.71 ▲ 0.87% EUR/BRL 5.87 ▲ 0.70% BRENT 100.21 ▼ 3.22% WTI 96.60 — 0.00% IRON ORE 161.91 — — COPPER 6.38 ▲ 0.58% GOLD 4,523 ▲ 0.05% SILVER 76.20 ▲ 0.40% SOY 1,197 ▲ 0.19% CORN 463.25 ▲ 0.22% WHEAT 646.25 ▼ 0.19% COFFEE 264.00 ▼ 3.44% SUGAR 14.68 ▼ 1.48% ORANGE JUICE 166.80 ▲ 0.12% COTTON 77.34 ▼ 0.82% COCOA 3,886 ▲ 3.16% BEEF 239.60 ▼ 3.83% CATTLE 349.85 ▼ 5.22% LITHIUM 85.28 ▲ 1.07% PETR4 44.48 ▼ 1.05% VALE3 83.10 ▲ 0.57% ITUB4 39.43 ▼ 1.72% BBDC4 17.62 ▼ 1.56% ABEV3 16.10 ▼ 1.83% BBAS3 20.94 ▲ 0.58% B3SA3 16.66 ▼ 2.12% WEGE3 42.73 ▲ 0.61% PRIO3 68.40 ▲ 0.59% SUZB3 41.70 ▼ 1.33% RENT3 43.35 ▼ 1.57% AZZA3 20.72 ▲ 3.86% CSAN3 4.29 ▼ 2.50% RAIZ4 0.39 — 0.00% PCAR3 2.08 ▼ 1.42% GMAT3 4.39 ▼ 0.90% PSSA3 49.17 ▼ 0.59% CVCB3 1.77 ▼ 0.56% POSI3 4.06 ▼ 0.73% SLCE3 16.07 ▼ 2.61% NATU3 10.10 ▼ 0.98% BRKM5 11.97 ▼ 0.50% RANI3 8.08 ▲ 0.25% CSNA3 6.73 ▲ 6.15% CMIN3 4.48 ▲ 1.13% USIM5 10.35 ▲ 5.61% GGBR4 24.01 ▲ 2.17% ENEV3 24.96 ▼ 2.19% NEOE3 33.80 — 0.00% CPFE3 43.31 ▼ 0.89% CMIG4 11.22 ▼ 1.23% EQTL3 37.67 ▼ 1.23% LREN3 15.07 ▲ 1.48% VIVT3 34.81 ▼ 1.36% RAIL3 14.21 ▼ 3.14% KLABIN 16.46 ▼ 0.30% RAIA DROGASIL 18.19 ▼ 2.47% RDOR3 34.07 ▼ 1.50% HAPV3 12.05 ▼ 2.35% FLRY3 15.69 — 0.00% SMTO3 17.60 ▼ 0.23% UGPA3 28.70 ▼ 1.54% VBBR3 32.75 ▼ 1.98% BBSE3 34.47 ▼ 0.78% BPAC11 53.93 ▼ 0.81% CURY3 30.53 ▼ 2.15% AERI3 2.40 ▲ 5.26% VIVARA 22.19 ▼ 0.58% COMPASS 26.90 ▼ 0.41% VAMOS 3.25 ▼ 3.56% SANB11 27.10 ▼ 1.78% ASAI3 8.44 ▼ 0.47% SBSP3 28.46 ▼ 0.56% WALMEX 55.53 ▲ 0.43% GMEXICO 205.95 ▲ 1.44% FEMSA 209.93 ▼ 0.21% CEMEX 21.83 ▲ 0.32% GFNORTE 191.22 ▲ 2.30% BIMBO 58.22 ▲ 0.47% TELEVISA 9.77 ▲ 0.93% AMX 22.66 ▼ 0.61% GAP 416.34 ▼ 0.94% ASUR 301.98 ▼ 2.18% OMA 222.78 ▼ 1.26% KOF 185.71 ▼ 0.13% GRUMA 292.47 ▼ 0.40% KIMBER 37.60 ▼ 1.36% SQM-B 71,950 ▼ 1.30% COPEC 6,400 ▼ 0.40% BSANTANDER 70.20 ▲ 0.14% FALABELLA 5,719 ▲ 2.13% ENELAM 77.00 ▲ 1.05% CENCOSUD 2,116 ▼ 2.94% CMPC 1,095 — 0.00% BANCO CHILE 169.00 ▼ 1.69% LATAM AIR 22.59 ▲ 0.09% YPF 71,025 ▲ 0.25% GGAL 6,455 ▼ 0.54% PAMPA 4,793 ▼ 0.93% TXAR 638.00 ▲ 0.08% ALUAR 947.00 ▲ 2.05% TGS 8,685 ▼ 1.81% CEPU 2,077 ▼ 3.03% MIRGOR 16,350 ▲ 0.46% COME 43.70 ▼ 2.35% LOMA NEGRA 3,275 ▼ 2.24% BYMA 286.00 ▲ 3.44% TELECOM ARG 3,493 ▼ 1.06% ECOPETROL 13.85 ▼ 0.11% BANCOLOMBIA 65.88 ▼ 0.66% GRUPO AVAL 4.23 ▼ 0.70% CREDICORP 334.10 ▼ 2.88% SOUTHERN COPPER 179.67 ▲ 0.31% BUENAVENTURA 33.48 ▼ 0.68% MERCADOLIBRE 1,664 ▼ 0.80% NUBANK 12.73 ▼ 3.27% XP 16.82 ▼ 6.14% PAGSEGURO 9.14 ▼ 1.93% STONE 11.00 ▼ 0.90% GLOBANT 40.13 ▼ 1.23% TECNOGLASS 41.17 ▼ 0.07% GAP AIRPORT 240.40 ▼ 1.52% ASUR 301.98 ▼ 2.18% OMA AIRPORT 103.21 ▼ 1.38% AMX ADR 26.13 ▼ 0.76% FEMSA ADR 121.28 ▼ 0.10% CEMEX ADR 12.57 ▼ 0.16% PETROBRAS ADR 19.90 ▼ 0.65% VALE ADR 16.47 — 0.00% ITAU ADR 7.82 ▼ 2.25% SANTANDER BR 5.40 ▼ 2.97% AMBEV ADR 3.20 ▼ 2.29% CSN 1.35 ▲ 5.08% GERDAU 4.75 ▲ 1.06% LATAM ADR 49.89 ▼ 2.06% BTC 77,058 ▲ 0.50% ETH 2,096 ▼ 0.94% SOL 85.06 ▼ 0.70% XRP 1.35 ▼ 0.81% BNB 656.52 ▲ 0.12% ADA 0.24 ▼ 1.98% DOGE 0.10 ▼ 0.86% AVAX 9.17 ▼ 2.29% LINK 9.40 ▼ 1.65% DOT 1.24 ▼ 3.85% LTC 52.57 ▼ 1.62% BCH 344.26 ▼ 3.16% TRX 0.36 ▲ 0.62% XLM 0.15 ▼ 0.59% HBAR 0.09 ▼ 1.71% NEAR 2.36 ▼ 4.01% ATOM 2.06 ▼ 2.45% AAVE 85.49 ▼ 1.25% SELIC 14.50% EMBRAER 72.33 ▲ 2.15% EMBRAER ADR 57.58 ▲ 1.88% JBS 13.21 ▼ 0.53% JBS BDR 66.24 ▲ 0.44% MBRF3 16.60 ▼ 4.05% MBRFY 3.34 ▲ 0.30% INTER 6.16 ▼ 3.75% IBOV 176,210 ▼ 0.81% IPSA 10,564 ▼ 0.34% IPC MEX 68,333 ▼ 0.07% MERVAL 2,846,220 ▼ 1.08% COLCAP 2,118 ▼ 0.22% BVL PERÚ 19,767 ▲ 0.37% USD/BRL 5.04 ▲ 0.05% USD/MXN 17.25 ▼ 0.44% USD/CLP 900.71 — 0.00% USD/COP 3,684 ▲ 0.78% USD/PEN 3.40 ▼ 0.51% USD/ARS 1,399 ▼ 0.14% USD/UYU 39.92 — 0.00% USD/PYG 6,064 — 0.00% USD/BOB 6.85 — 0.00% USD/DOP 58.86 — 0.00% USD/CRC 451.95 — 0.00% USD/GTQ 7.62 — 0.00% USD/HNL 26.61 — 0.00% USD/NIO 36.62 — 0.00% USD/VES 529.18 ▼ 0.13% USD/PAB 1.00 ▲ 2.23% USD/BZD 2.00 ▲ 1.66% USD/JMD 156.69 ▲ 0.53% USD/TTD 6.71 ▲ 0.87% EUR/BRL 5.87 ▲ 0.70% BRENT 100.21 ▼ 3.22% WTI 96.60 — 0.00% IRON ORE 161.91 — — COPPER 6.38 ▲ 0.58% GOLD 4,523 ▲ 0.05% SILVER 76.20 ▲ 0.40% SOY 1,197 ▲ 0.19% CORN 463.25 ▲ 0.22% WHEAT 646.25 ▼ 0.19% COFFEE 264.00 ▼ 3.44% SUGAR 14.68 ▼ 1.48% ORANGE JUICE 166.80 ▲ 0.12% COTTON 77.34 ▼ 0.82% COCOA 3,886 ▲ 3.16% BEEF 239.60 ▼ 3.83% CATTLE 349.85 ▼ 5.22% LITHIUM 85.28 ▲ 1.07% PETR4 44.48 ▼ 1.05% VALE3 83.10 ▲ 0.57% ITUB4 39.43 ▼ 1.72% BBDC4 17.62 ▼ 1.56% ABEV3 16.10 ▼ 1.83% BBAS3 20.94 ▲ 0.58% B3SA3 16.66 ▼ 2.12% WEGE3 42.73 ▲ 0.61% PRIO3 68.40 ▲ 0.59% SUZB3 41.70 ▼ 1.33% RENT3 43.35 ▼ 1.57% AZZA3 20.72 ▲ 3.86% CSAN3 4.29 ▼ 2.50% RAIZ4 0.39 — 0.00% PCAR3 2.08 ▼ 1.42% GMAT3 4.39 ▼ 0.90% PSSA3 49.17 ▼ 0.59% CVCB3 1.77 ▼ 0.56% POSI3 4.06 ▼ 0.73% SLCE3 16.07 ▼ 2.61% NATU3 10.10 ▼ 0.98% BRKM5 11.97 ▼ 0.50% RANI3 8.08 ▲ 0.25% CSNA3 6.73 ▲ 6.15% CMIN3 4.48 ▲ 1.13% USIM5 10.35 ▲ 5.61% GGBR4 24.01 ▲ 2.17% ENEV3 24.96 ▼ 2.19% NEOE3 33.80 — 0.00% CPFE3 43.31 ▼ 0.89% CMIG4 11.22 ▼ 1.23% EQTL3 37.67 ▼ 1.23% LREN3 15.07 ▲ 1.48% VIVT3 34.81 ▼ 1.36% RAIL3 14.21 ▼ 3.14% KLABIN 16.46 ▼ 0.30% RAIA DROGASIL 18.19 ▼ 2.47% RDOR3 34.07 ▼ 1.50% HAPV3 12.05 ▼ 2.35% FLRY3 15.69 — 0.00% SMTO3 17.60 ▼ 0.23% UGPA3 28.70 ▼ 1.54% VBBR3 32.75 ▼ 1.98% BBSE3 34.47 ▼ 0.78% BPAC11 53.93 ▼ 0.81% CURY3 30.53 ▼ 2.15% AERI3 2.40 ▲ 5.26% VIVARA 22.19 ▼ 0.58% COMPASS 26.90 ▼ 0.41% VAMOS 3.25 ▼ 3.56% SANB11 27.10 ▼ 1.78% ASAI3 8.44 ▼ 0.47% SBSP3 28.46 ▼ 0.56% WALMEX 55.53 ▲ 0.43% GMEXICO 205.95 ▲ 1.44% FEMSA 209.93 ▼ 0.21% CEMEX 21.83 ▲ 0.32% GFNORTE 191.22 ▲ 2.30% BIMBO 58.22 ▲ 0.47% TELEVISA 9.77 ▲ 0.93% AMX 22.66 ▼ 0.61% GAP 416.34 ▼ 0.94% ASUR 301.98 ▼ 2.18% OMA 222.78 ▼ 1.26% KOF 185.71 ▼ 0.13% GRUMA 292.47 ▼ 0.40% KIMBER 37.60 ▼ 1.36% SQM-B 71,950 ▼ 1.30% COPEC 6,400 ▼ 0.40% BSANTANDER 70.20 ▲ 0.14% FALABELLA 5,719 ▲ 2.13% ENELAM 77.00 ▲ 1.05% CENCOSUD 2,116 ▼ 2.94% CMPC 1,095 — 0.00% BANCO CHILE 169.00 ▼ 1.69% LATAM AIR 22.59 ▲ 0.09% YPF 71,025 ▲ 0.25% GGAL 6,455 ▼ 0.54% PAMPA 4,793 ▼ 0.93% TXAR 638.00 ▲ 0.08% ALUAR 947.00 ▲ 2.05% TGS 8,685 ▼ 1.81% CEPU 2,077 ▼ 3.03% MIRGOR 16,350 ▲ 0.46% COME 43.70 ▼ 2.35% LOMA NEGRA 3,275 ▼ 2.24% BYMA 286.00 ▲ 3.44% TELECOM ARG 3,493 ▼ 1.06% ECOPETROL 13.85 ▼ 0.11% BANCOLOMBIA 65.88 ▼ 0.66% GRUPO AVAL 4.23 ▼ 0.70% CREDICORP 334.10 ▼ 2.88% SOUTHERN COPPER 179.67 ▲ 0.31% BUENAVENTURA 33.48 ▼ 0.68% MERCADOLIBRE 1,664 ▼ 0.80% NUBANK 12.73 ▼ 3.27% XP 16.82 ▼ 6.14% PAGSEGURO 9.14 ▼ 1.93% STONE 11.00 ▼ 0.90% GLOBANT 40.13 ▼ 1.23% TECNOGLASS 41.17 ▼ 0.07% GAP AIRPORT 240.40 ▼ 1.52% ASUR 301.98 ▼ 2.18% OMA AIRPORT 103.21 ▼ 1.38% AMX ADR 26.13 ▼ 0.76% FEMSA ADR 121.28 ▼ 0.10% CEMEX ADR 12.57 ▼ 0.16% PETROBRAS ADR 19.90 ▼ 0.65% VALE ADR 16.47 — 0.00% ITAU ADR 7.82 ▼ 2.25% SANTANDER BR 5.40 ▼ 2.97% AMBEV ADR 3.20 ▼ 2.29% CSN 1.35 ▲ 5.08% GERDAU 4.75 ▲ 1.06% LATAM ADR 49.89 ▼ 2.06% BTC 77,058 ▲ 0.50% ETH 2,096 ▼ 0.94% SOL 85.06 ▼ 0.70% XRP 1.35 ▼ 0.81% BNB 656.52 ▲ 0.12% ADA 0.24 ▼ 1.98% DOGE 0.10 ▼ 0.86% AVAX 9.17 ▼ 2.29% LINK 9.40 ▼ 1.65% DOT 1.24 ▼ 3.85% LTC 52.57 ▼ 1.62% BCH 344.26 ▼ 3.16% TRX 0.36 ▲ 0.62% XLM 0.15 ▼ 0.59% HBAR 0.09 ▼ 1.71% NEAR 2.36 ▼ 4.01% ATOM 2.06 ▼ 2.45% AAVE 85.49 ▼ 1.25% SELIC 14.50% EMBRAER 72.33 ▲ 2.15% EMBRAER ADR 57.58 ▲ 1.88% JBS 13.21 ▼ 0.53% JBS BDR 66.24 ▲ 0.44% MBRF3 16.60 ▼ 4.05% MBRFY 3.34 ▲ 0.30% INTER 6.16 ▼ 3.75%
since 2009
Monday, May 25, 2026

After Maduro’s Capture, Brazil’s Opposition Blames Lula for Years of Support

By · January 4, 2026 · 2 min read

Daily Brief

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Key Points

  • Lula’s words over the past two years are being cited as political cover that eased pressure on Nicolás Maduro at key moments.
  • Governor Tarcísio de Freitas is using that record to attack Lula and to elevate his own national profile.
  • Brazil cannot treat Venezuela as distant: migration, border stability, and diplomacy are already domestic issues.

After Nicolás Maduro’s capture, São Paulo Governor Tarcísio de Freitas—one of Brazil’s most prominent opposition figures—moved fast to do what many Brazilians have long wanted to see: confront President Luiz Inácio Lula da Silva over what he calls years of implicit support that helped keep Maduro’s system standing.

Lula never signed a pact with Maduro. But he repeatedly offered what Maduro needed most: time, and the benefit of the doubt, when legitimacy was in question.

In March 2024, with Venezuela moving toward a vote under rules that sidelined major opponents, Lula urged the world to grant “presumption of innocence.”

Asked about an opposition candidate being barred, he said that “instead of crying” they should name someone else. Critics read it as advice to accept Maduro’s rules rather than confront them.

After Maduro’s Capture, Brazil’s Opposition Blames Lula for Years of Support
After Maduro’s Capture, Brazil’s Opposition Blames Lula for Years of Support

After Maduro’s Capture, Brazil’s Opposition Blames Lula for Years of Support

After the disputed July 2024 election, Lula said there was “nothing abnormal,” calling it a “normal, calm process,” and argued the dispute should be settled by publishing tally sheets and letting institutions decide.

In August 2024, he added a distinction that mattered across the region: Venezuela, he said, had an authoritarian slant, but it was “not a dictatorship.”

Lula’s Party Endorses Maduro’s Contested Victory in São Paulo Forum Document

In December 2025, as Washington debated coercive options, Lula warned that an armed intervention would be a “humanitarian catastrophe” and a dangerous precedent.

Now, after U.S. strikes and the seizure of Maduro and his wife, Cilia Flores, Lula says the operation crossed an “unacceptable line” and violated sovereignty.

That arc is the spine of Tarcísio’s video. He argues dictatorships decay slowly and endure because outsiders excuse them.

He flashes Lula’s image, treats Maduro’s capture as a turning point, and links it to Brazil’s own political calendar—an unmistakable nod to his ambitions.

The stakes are also practical. Venezuelans are now Brazil’s largest foreign-born group, and Operação Acolhida’s relocation effort has moved more than 100,000 people from the border to cities nationwide.

Any fresh instability in Caracas can quickly become pressure on Roraima, public services, and Brazil’s regional posture.

Related coverage: Brazil’s Morning Call | Economic Calendar: Key Market Events for the Week from Janua This is part of The Rio Times’ daily coverage of Brazil politics and Latin American financial news.

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