Anton Kobyakov, a senior adviser to Russian President Vladimir Putin, said at the closing press conference of the St. Petersburg International Economic Forum (SPIEF) on June 6, 2026, that global debt has exceeded $330 trillion and warned that the world is moving “beyond the dollar,” remarks that echoed broader themes at the four-day forum held in St. Petersburg.
At a session attended by officials, business leaders and delegates from over 130 countries, Kobyakov — who serves as executive secretary of the SPIEF organizing committee — said government debt alone stands at about $115 trillion and compared current debt dynamics to conditions before the 2008 financial crisis. He framed the comments as part of a longer-running Russian effort to promote alternatives to dollar-dominated financial arrangements.
Verified core reporting
- Event and source: Kobyakov made the remarks during SPIEF’s closing press conference on June 6, 2026. SPIEF ran from June 3–6 at the ExpoForum Convention and Exhibition Centre in St. Petersburg.
- Debt figures: Kobyakov cited a global debt figure “exceeding $330 trillion” and government debt of roughly $115 trillion; these figures were attributed to his remarks at the forum.
- Independent The Institute of International Finance (IIF) reported in May 2026 that global debt was near $353 trillion by the end of March 2026, an increase the IIF said stemmed largely from continued government and private sector borrowing. Reuters reported on the IIF data in May 2026. The Reuters reporting and the IIF assessment indicate the global-debt figure is higher than the $330 trillion number cited by Kobyakov.
- Dollar direction: The IIF and other market reports have noted signs of diversification away from U.S. Treasuries among some investors, but official global reserve allocations and major-market holdings remain dominated by the dollar.
Broader context
- De‑dollarization narrative: Russia has, since Western sanctions following its 2022 invasion of Ukraine, amplified efforts to foster financial instruments and arrangements less reliant on the U.S. dollar. SPIEF has increasingly been used as a platform to announce trade and financing deals with non-Western partners.
- Global debt trends: Global debt expanded markedly after the COVID-19 pandemic as governments increased spending; official data and IIF estimates show debt-to-GDP ratios have risen and remain elevated in many economies. The pace of debt accumulation and its composition (sovereign, corporate, household) vary across countries and regions.
- Market signals: While some institutional investors have reduced relative exposure to U.S. Treasuries or sought alternative assets, the dollar continues to account for the majority of official foreign exchange reserves and international trade invoicing.
Multiple perspectives
- Russian officials: Kobyakov and other Russian participants characterized the trends as validation of efforts to develop alternatives to dollar-centric payments and reserves.
- Western and market views: Independent data from the IIF and reporting by Reuters show higher aggregate debt levels than the $330 trillion figure and emphasize complexity in interpreting reserve shifts; major economies still maintain substantial dollar-denominated liabilities and assets.
- Economic institutions: The IIF’s published analysis highlights rapid debt growth in recent quarters and flags financial-stability risks but does not equate rising gross debt totals with imminent systemic failure without considering debt servicing capacity and maturity structures.
Implications
- Financial stability: Rapid growth in absolute global debt raises monitoring and policy questions about debt servicing, rollover risk, and vulnerabilities to interest-rate shocks — particularly for highly indebted sovereigns and corporates.
- Geopolitical finance: Public pronouncements about “moving beyond the dollar” contribute to the political momentum behind diversification efforts, but practical shifts in reserve composition and trade invoicing tend to occur slowly and require deep, liquid alternatives.
- Policy and markets: Policymakers and market participants will likely continue assessing debt sustainability indicators, while central banks and investors monitor reserve portfolios and demand for safe‑asset alternatives.
At SPIEF 2026, Kremlin adviser Anton Kobyakov highlighted rising global debt and argued for a movement away from dollar dominance; independent data from the IIF and reporting by Reuters place global debt at near $353 trillion as of March 2026, underscoring both the scale of borrowing worldwide and the complexity of interpreting currency-shift claims. Observers note that while diversification pressures exist, the dollar remains the principal global reserve and settlement currency.
Sources: Reuters, Institute of International Finance, SPIEF press materials — June 6, 2026
Content Disclaimer: This report covers statements made at an international forum and includes data from multiple institutions whose accounts and interpretations may differ. Readers are encouraged to consult the original IIF report, official SPIEF statements, and multiple verified outlets for full context.
