Russian Foreign Minister Lavrov, At BRICS Said BRICS Plans To Set Up Alternative Payment System; Said United States Seeks Not Only To Punish Russia, But Get Rid Of Any Dissent On International Arena
Portfolio Pulse from Charles Gross
Russian Foreign Minister Lavrov announced at a BRICS meeting that the group plans to establish an alternative payment system. He also stated that the United States aims to not only punish Russia but also eliminate any dissent on the international stage.
August 24, 2023 | 11:30 am
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NEGATIVE IMPACT
The announcement of an alternative payment system by BRICS could potentially impact the US economy and, by extension, the SPY ETF, which tracks the S&P 500.
The creation of an alternative payment system by BRICS could challenge the dominance of the US dollar in global finance. This could potentially lead to a decrease in demand for the dollar, which could negatively impact the US economy and, by extension, the SPY ETF.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The VGK ETF, which tracks European stocks, could potentially be impacted by the announcement of an alternative payment system by BRICS, as it could lead to changes in global financial dynamics.
The creation of an alternative payment system by BRICS could lead to changes in global financial dynamics. This could potentially impact European stocks, which the VGK ETF tracks, especially if it leads to a decrease in demand for the euro.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60