Pictured above is a loose Argentinian version of straight-arm Cobra Officer.
Like in many nations, Hasbro licensed out G.I.Joe to a local toy company. In this case, the Argentinian company Plastirama aquired the molds and made these figures. While the figure and accessory quality is quite good, the paint mask is nowhere near as sharp as the U.S. version.
Also, note that the figure does not have any date stamp on the figure. A Brazilian one is clearly stamped Estrela - the U.S. version is marked with a Hasbro copyright.