Siluanov links global economic risks to oil markets and public debt

The Middle East conflict is destabilising oil markets and increasing the global economy's vulnerability, Russian Finance Minister Anton Siluanov said in a written statement for the International Monetary and Financial Committee meeting in Bangkok.

Siluanov argued that declining energy inventories and spare oil production capacity reduced the scope to cushion price shocks. He said the condition of public finances made support for producers and consumers more difficult.

The minister cited global public debt of 93.9% of world GDP in 2025 and a projection that it would approach 100% by 2029. He linked higher borrowing costs to investors demanding larger premiums for fiscal risks.

According to the figures he cited, Organisation for Economic Co-operation and Development countries spend more than $2 trillion a year servicing debt, around 3.3% of their GDP. He put their new borrowing in 2026 at $18 trillion, with 78% used to refinance existing debt.