Russian state bank fires economist who warned Moscow was losing 'war of attrition' with West
The dismissal followed public remarks that Russia could not win a prolonged war of attrition and was losing ground economically and technologically.
- On Sunday, Russian state development bank VEB.RF fired chief economist Andrei Klepach after he criticized Russia's economic prospects regarding the war in Ukraine. Sources suggest the Kremlin ordered his dismissal.
- Klepach delivered the assessment during a May meeting at the Moscow Exchange's Nikitsky Club, stating Russia is 'losing not only to China and the United States, but in some ways, we're losing to Ukraine' in a war of attrition.
- He warned of a potential social crisis, stating, 'Economically we will not collapse, but our lag will continue to grow, with all the resulting consequences.' Klepach cited Ukrainian infrastructure strikes and Western sanctions as major factors hindering investment.
- His remarks gained widespread attention after The Moscow Times published excerpts last week. Klepach also criticized the 'quality of governance' and low justification for strategic decisions amid the Federal Security Service's growing influence.
- Klepach, who served 12 years in the role, had previously worked at the Economic Development Ministry with Central Bank Governor Elvira Nabiullina. The central bank suggested in July that the economy might not grow at all this year.
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mannheim24.deRussia's top economist says: The Ukraine war is ruining the economy and could cause a social crisis. Shortly after, he's done his job.
Russia says its economy is strong after firing top economist who warned otherwise
Russia says its economy is strong after firing top economist who warned otherwise Click this link for the original source of this article. Author: CNBC This content is courtesy of, and owned and copyrighted by, https://www.offthepress.com and its author. This content is made available by use of the public RSS feed offered by the host...
Why Was Russia’s Top Economist Replaced After Ukraine War Warning
Russian economist Andrey Klepach has been replaced as chief economist at state development bank VEB after remarks warning that the Ukraine war is worsening Russia’s economic position were made public. 💡Russia’s state news agency TASS confirmed Sunday that Klepach no longer holds the post, while offering no reason for his departure. The announcement followed publication by The Moscow Times of excerpts from a May speech to the Nikitsky Club.Accor…
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