Middle East crisis significantly boosts China’s payment system positions — Sechin

ST. PETERSBURG, June 6. /TASS/. Closure of the Strait of Hormuz has significantly accelerated the transition toward alternative payment systems in global settlements instead of the dollar, particularly the Chinese system, Executive Secretary of the presidential commission on fuel and energy sector development strategy and environmental security and Rosneft CEO Igor Sechin said at the St. Petersburg International Economic Forum.

"Sanctions are driving diversification of payment instruments. Over the past five years, the volume of transactions carried out through China’s Cross-Border Interbank Payment System has increased more than threefold, reaching nearly 1 trillion yuan per day. The Hormuz crisis has significantly accelerated this process," Sechin said while speaking at the St. Petersburg International Economic Forum.

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.