Brazil

Lula da Silva's victory in Brazil has put an end to talk that all of Latin America was headed inevitably for right-wing leadership. But his re-election does not return the region to the old "pink tide." The right has gained ground in several countries, China has dug in across trade and infrastructure, the European Union has secured new treaty access to Mercosur markets, and Russia keeps significant but mostly sector-specific positions.

Luiz Inácio Lula da Silva won the presidential runoff on October 25. Published results give him about 51.8% of valid votes to 48.2% for Flávio Bolsonaro, a margin of roughly 4.4 million votes. The president keeps his office, but his challenger has refused to concede and says he will seek to have the vote annulled.

The pendulum that swung left two decades ago has swung back to the right. Colombia and Peru chose right-wing presidents in June by fractions of a percentage point, and on Sunday Brazil will settle a runoff between Lula and Flávio Bolsonaro. What is behind the turn? How does it resemble the "pink tide"? And what should the region expect?

Brazil: The October 25 Runoff

In 2026, Russia's projects in Latin America amounted to several dozen documents, yet real money is visible in only a few of them. What has been signed, what is under construction, and what is still waiting for ratification? We have gathered the confirmed data country by country and checked the dates.

The Big Picture

Latin America's freight map is being redrawn. China has gained its own gateway in Peru, Brazil is shifting grain to the north, and the Panama Canal is setting records while cutting slots. Which corridors are already running? Which are still being built? And what should shippers know?

Why the Map Is Changing

The region is not abandoning the dollar, but it is increasingly refusing to rely on it alone. Argentina keeps a yuan credit line, Brazil is building direct payment channels with China, and Cuba and Venezuela are hunting for workarounds. How does it all work? What do the numbers show? And how is Washington responding?

The Dollar Stays, but Not Alone

In 2026, Latin America became more than a raw-materials region. It is now a place where oil, sun, wind and critical minerals converge. Who is building, who is selling, and who is buying? Let's break it down by country and by player.

The Big Picture

The region is growing slowly, and inflation is diverging across countries: Colombia and Argentina are fighting rising prices, Brazil has broken through the ceiling of its target range, and Mexico is staying within its band. What do the latest data from the IMF and central banks show? Which currencies are under pressure? And where is the region headed?

The Big Picture

Visa rules for Russians in Brazil and Argentina stayed the same in 2026. They changed for Americans and for foreigners in Argentina who want to stay. What rules apply now? What changed in practice? And why have visas become part of big-power politics? Let's take it step by step.

Brazil: Visa-Free Entry for Russians and a Visa Dispute with the US

On October 4, Brazil will elect a president amid a high Selic policy rate of 13.75% and pressure on the real from a strong dollar. The outcome will determine whether the country remains within the orbit of U.S. economic policy or strengthens its multipolar course within BRICS. Which scenario is more likely, and what would it mean for the United States and Russia?

Macroeconomic Context: High Rates, Slowing Growth and Elections