‘Global debt has crossed $330 trillion, world moving beyond the dollar’: Kremlin adviser Anton Kobyakov

The global economy is entering a period of deep fragmentation, with mounting debt levels, declining confidence in the US dollar and the emergence of alternative financial centres reshaping the world order, Anton Kobyakov, Adviser to the President of the Russian Federation, said at the St. Petersburg International Economic Forum (SPIEF) 2026.

Speaking at the forum’s closing press conference, Kobyakov warned that global debt has risen to unprecedented levels and compared current conditions to those seen before the 2008 financial crisis.

“Global debt has already exceeded $330 trillion, which is more than 300% of global GDP. Government debt stands at $115 trillion, or around 110% of global GDP,” Kobyakov said.

He noted that the world’s largest debt market remains the United States and argued that debt-related risks are building across Western economies.

“This is not yet a full-scale crisis, but it is no longer the early morning twilight either. The situation is already being compared with 2007,” he said.

Kobyakov also pointed to rising debt burdens in major economies, stating that the UK’s aggregate debt exceeds 400% of GDP, while Japan’s debt is close to 250% of GDP.

The Russian presidential adviser said the US national debt is approaching $40 trillion and argued that confidence in the dollar is weakening.

“The dollar is losing trust. Countries are moving away from the American currency. The world is already moving towards several reserve currencies,” he said.

According to Kobyakov, the transition towards a multi-currency system is part of a broader fragmentation of the global economy. He argued that attempts to preserve the existing financial order are becoming increasingly difficult as new economic centres emerge.

“The process has already begun. There are practically no binding elements left that can keep everything within a single system,” he said.

He argued that countries increasingly need alternative mechanisms for finance, trade, scientific cooperation and security.

“The choice between entering a crisis and overcoming it lies in creating a global institutional alternative to the existing world order,” he said.