ST. PETERSBURG, June 6. /TASS/. The global economy has entered a period not merely of volatility but of strategic risks, with problems growing like a snowball, Executive Secretary of the presidential commission on fuel and energy sector development strategy and environmental security and Rosneft CEO Igor Sechin said during a speech at the St. Petersburg International Economic Forum.

"The global economy has entered a period not simply of volatility but of strategic risks. Problems are growing like a snowball. The abandonment of the fundamental principles of the Bretton Woods system linked to gold backing led to large-scale unsecured money issuance. Since 2008, the global money supply has increased by more than $30 trillion, with the United States and the eurozone accounting for nearly half of this amount," Sechin said.

He also believes that explosive growth in capitalization of technology companies is leading to the largest financial market "bubble" since the railroad boom in the United States in the 19th century. US funds BlackRock, Vanguard, and State Street are expected to become beneficiaries of the crisis.

"Over the past ten years, the share of the ten largest technology companies on the US stock market has tripled, exceeding 40%. Taking into account the expected IPOs of giants such as SpaceX, OpenAI, and Anthropic, with combined valuations of several trillion dollars, this figure will approach 50%. It is obvious that the world stands on verge of the largest financial market bubble in history since the railroad boom in the United States in the 19th century," he said.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum. As part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.