While Colombia & Ecuador are at peace, the neighboring presidents have a sour relationship going back to when Colombian President Gustavo Petro initially refused to recognize Daniel Noboa’s election.

Traders and transport operators have suspended a 19-day blockade at the Rumichaca International Bridge, the primary land crossing between Colombia and Ecuador. The protest, catalyzed by a 50% tax imposed by the Ecuadorian government on Colombian goods, was lifted to accommodate travel and commerce during the Semana Santa holiday period. Despite the suspension of the strike, the regional business community reports that significant economic damage and diplomatic tensions persist.

Ecuador’s President Daniel Noboa (photo: Carlos Silva/Presidencia de la República)

The closure of the border crossing created a substantial disruption in binational economic activity. Estimates from the Cámara de Comercio de Ipiales in Nariño, Colombia indicate that losses reached approximately $5 million USD per day due to freight remaining stationary in the border zone. The Comité Gremial de Trabajadores de la Frontera de Ipiales stated that while the reopening is a responsible gesture for the high-traffic holiday season, current tariff policies continue to threaten hundreds of direct and indirect jobs linked to foreign trade.

The Governor of Nariño, Luis Alfonso Escobar, criticized the trade barriers implemented by the administration of Ecuadorian President Daniel Noboa. Governor Escobar argued that such measures inadvertently encourage illicit activities in the region. He emphasized that instead of facilitating formal commerce, high tariffs drive trade toward illegality, undermining regional security efforts. To mitigate the conflict, the Comunidad Andina de Naciones (CAN) has initiated high-level dialogues. Diplomatic delegations led by Colombian Deputy Minister of Foreign Affairs Juana Castro and her Ecuadorian counterpart, Alejandro Dávalos, held a virtual working group to address pending issues in trade, transport, energy, and hydrocarbons.

“Decisions adopted without considering the reality of our communities have put at risk the livelihood of merchants, transporters, foreign trade workers, and thousands of people who live from binational exchange,” stated the Comité Gremial de Trabajadores de la Frontera de Ipiales.

Diplomatic friction has extended into the energy sector. President Noboa claimed that in 2017, Ecuador assisted Colombia during a potential blackout by charging 1.6 cents USD per kWh, whereas in 2024, Colombia charged an average of 28 cents USD per kWh during Ecuador’s hydroelectric crisis. In response, the Colombian Minister of Mines and Energy, Edwin Palma, clarified that prices during the 2023-2024 El Niño phenomenon reflected the actual costs of production and distribution, particularly when fossil fuel-powered thermoelectric plants using fuel oil and diesel were activated.

The ongoing trade dispute has impacted more than 5,500 companies over the past two months. Diana Marcela Morales, the Colombian Minister of Commerce, Industry, and Tourism, confirmed scheduled meetings with Ecuadorian officials to de-escalate the conflict and establish fair, transparent rules. Concurrently, the Ministerio de Comercio, Industria y Turismo has moved to protect domestic industries by implementing new tariffs on steel and ceramics from countries without existing free trade agreements. These measures aim to counter market distortions and protect a sector that employs more than 50,000 people while promoting circular economy practices and reducing CO2 emissions.

Above photo: Border between Ecuador & Colombia looking towards Ipiales, Colombia (Photo: Cancillería de Colombia)

Governance concerns and profit drops dominate shareholder assembly.

The Ecopetrol (NYSE: EC, BVC: ECOPETROL) General Shareholders’ Meeting concluded at the Corferias convention center in Bogotá, marked by a decline in annual profits and an intensifying debate regarding the continuity of the company’s president, Ricardo Roa. During the assembly, shareholders approved a dividend of $121 COP per share for minority holders and a total payment of $4 trillion COP to the Colombian government, which serves as the majority shareholder. The government’s payout is scheduled for distribution in two installments, to be completed by June 30, 2026.

Click on above image to view shareholder meeting

The financial results for the 2025 fiscal year revealed a significant contraction in net income, which fell to $9 trillion COP from the $14.9 trillion COP reported in 2024. Roa attributed this decline primarily to the volatility of international crude prices. He noted that the average price of Brent crude dropped from $80 USD per barrel to $68 USD per barrel over the period. According to company data, every $1 USD drop in the price of Brent corresponds to a reduction of approximately $500 billion COP in net profit and $700 billion COP in EBITDA. Despite the lower earnings, the company maintained a production level of 745,000 barrels per day and achieved a reserve replacement rate of 121%, the highest in five years.

Governance issues remained the primary focus of the assembly. Minority shareholders expressed concern over the legal challenges facing Roa, who is currently under investigation by the Fiscalía General de la Nación for alleged influence peddling. Additionally, the Consejo Nacional Electoral (CNE) has raised accusations regarding the alleged violation of spending caps during the presidential campaign of Gustavo Petro, which Roa managed. Angela Maria Robledo, Chair of the Board of Directors, defended the decision to retain Roa, stating that the board has activated a evaluation protocol while respecting the constitutional principle of the presumption of innocence.

Shareholders Erupt In Anger At CEO Ricardo Roa:

Abuchean a Ricardo Roa en asamblea de Ecopetrol

“¡Fuera, fuera!”: Este es el momento del tenso abucheo de los accionistas al presidente de la empresa

Videos: Néstor Gómez pic.twitter.com/uyjh4chpl2

— EL TIEMPO (@ELTIEMPO) March 27, 2026

“Ecopetrol is listed on the New York Stock Exchange; we are governed by the strict regulations of US federal agencies. Agencies like OFAC and the SEC could intervene in the company and could even accelerate the payment of financial obligations, which would be extremely grave for Ecopetrol,” stated Martín Ravelo, President of the USO.

The Unión Sindical Obrera (USO), the primary labor union representing nearly one-third of the company’s workforce, has issued an ultimatum for Roa’s removal. Martin Ravelo, president of the USO, warned that the union will initiate a national strike and affect crude production if Roa is not aparted from his position by Monday, March 30. Ravelo expressed concern that Ecopetrol, which is subject to the regulations of the Securities and Exchange Commission (SEC) and the Office of Foreign Assets Control (OFAC), could face federal intervention. He highlighted that Ecopetrol’s current debt has reached $30 billion USD, exacerbated by rising interest rates, and warned that the company lacks the cash flow to respond to potential demands for early repayment of international obligations.

President Gustavo Petro responded to the union’s concerns via social media, stating that the executive branch will take measures to shield the company’s financial future. Petro emphasized the importance of maintaining investment during periods of high oil prices to prepare for future market downturns. He also criticized past administrations for failing to invest sufficiently in clean energy during previous price cycles. In contrast, Ravelo called for the board to maintain its independence from political influence, noting that four of the nine board members have already left formal records supporting Roa’s departure.

Ecopetrol also addressed the national gas supply, with Roa announcing that new regasification alternatives at Puerto Bahía and on the Pacific coast are expected to begin operations in the second half of 2026. These projects are intended to contribute between 186 and 430 Gbtud to the national grid. A third regasification facility in Coveñas is projected to start operations in 2029 with a capacity of 400 Gbtud. Despite these operational plans, the immediate focus of the international investment community remains fixed on the board’s upcoming meeting on Monday, where the leadership deadlock must be resolved to avoid a potential halt in national production.

Headline photo: Former Senator Jorge Robledo admonishes the Ecopetrol board of directors at the March 2026 shareholders’ meeting.

The search for Eric Fernando Gutiérrez Molina, a 32-year-old US flight attendant reported missing since March 22, concluded Friday following the discovery of a body in rural Antioquia, about two and a half hours south of Medellín. Medellín Mayor Federico Gutiérrez confirmed that the remains were located between the municipalities of Jericó and Puente Iglesias, stating there is a very high probability they belong to the American Airlines (NASDAQ: AAL) employee.

Gutiérrez Molina, a Salvadoran-American national who lived in Texas, arrived in Medellín on a commercial flight via José María Córdova International Airport. He was last seen alive on Sunday, March 22, after visiting commercial establishments in the El Poblado neighborhood. Investigations by the Secretaría de Seguridad y Convivencia suggest the victim was targeted by criminals using scopolamine, a sedative that can be used to incapacitate victims for robbery. According to witness statements, Gutiérrez Molina and another flight attendant were approached at a nightclub by individuals who lured them to another venue in Itaguí, a southwestern suburb of Medellín. While the companion flight attendant was able to make it back to her hotel, ill and disoriented, Gutiérrez Molina remained missing for five days.

“We have very clear leads on those responsible,” stated Mayor Federico Gutiérrez. “I have requested that justice be served and that the perpetrators be sought for extradition to the United States if necessary.”

The body was spotted by residents of Puente Iglesias floating in the Río Piedra ravine. The Instituto Nacional de Medicina Legal y Ciencias Forenses is currently conducting formal identification and an autopsy in Medellín. Mayor Gutiérrez reported that he has personally informed the victim’s father, the US Ambassador to Colombia, and the Consul General at the US Embassy in Bogotá regarding the development. The mayor stated that investigators have identified alleged perpetrators and expressed his intent to seek their extradition to the US.

Tengo que dar una triste noticia.
Desde el pasado Domingo, estamos en la búsqueda de Eric Gutiérrez un ciudadano Estadounidense que se encuentra desaparecido.
Lamentablemente acaba de ser encontrado un cuerpo sin vida, entre el municipio de Jericó y Puente Iglesias.
Existe…

— Fico Gutiérrez (@FicoGutierrez) March 27, 2026

This problem is not new. Criminals have been using scopolamine to prey on both Colombians and foreigners for years. Just last week, the Alcaldía de Medellín (Medellín Mayor’s Office) announced the capture of two women, aged 19 and 34, accused of drugging and robbing foreigners in Parque Lleras. The Policía Nacional and the Fiscalía General de la Nación  (Colombia Attorney General’s Office) conducted raids in the Caicedo and Villa Hermosa neighborhoods to dismantle the operation. The suspects reportedly offered escort services as a facade to move victims to tourist accommodations, where they administered benzodiazepines such as clonazepam to facilitate the theft of high-value belongings and cash.

Manuel Villa Mejía, Secretary of Security and Convivencia, stated that the captured women had extensive judicial records for aggravated robbery. During the operations, authorities seized mobile devices, identification documents belonging to other women, and a firearm. Villa Mejía emphasized that the city is utilizing intelligence and focused operations to close pathways for those who instrumentalize tourism for criminal purposes. These actions are part of a broader strategy to weaken the financial operations of networks that continue to target international visitors in El Poblado.

Finance Colombia has also reported on the capture of the Queen of Scopolamine, who led a network dedicated to drugging and robbing tourists in Parque Lleras. Despite prior law enforcement successes against structures like Las Barbies and The Ghetto, predatory crime remains a concern for the international investment community and business travelers.

Also read: Don’t Be A Victim! Six Rules For Safety When Visiting Colombia

photo of Mr. Gutierrez from social media