This article analyzes the positions of Brazil and Argentina in Latin America over the period from 2016 to 2020, as well as describes the new alignment of political powers in the region in light of recent presidential elections. Analysis is conducted on consequences of the so-called “rightward turn” for the domestic policy; assessment is given to the succession of Argentina and Brazil in foreign policy considering the shift of political vectors. Special attention is paid to the impact of COVID-19 pandemic upon the leadership potential of Argentina and Brazil in the region. The relevance of this work is first and foremost defined by the shift of political regimes and foreign policy vectors in the countries of Latin America, as well as by challenges and threats faced by the region in recent years. Based on the provided facts and conducted analysis, the authors assess the changes in hierarchy of regional leadership in the region, and conclude the Brazil loses its positions in Latin America, while Argentina was able to shy away from the “rightward” policy and set the trends for the new “leftward turn” in the region.