Russian state bank fires chief economist after war-attrition warning
Andrei Klepach, the chief economist at Russia’s state development corporation VEB.RF, was fired on Sunday after delivering a report in May warning that Russia cannot win a prolonged war of attrition against Ukraine, according to The Bell and multiple other outlets The Bell.
Klepach, who had served as VEB.RF’s chief economist for 12 years, presented his assessment during a May meeting at the Moscow Exchange’s Nikitsky Club, stating that Russia is “losing not only to China and the United States, but in some ways, we’re losing to Ukraine.” He argued that Western financial support has allowed Ukraine to survive despite its economic and demographic struggles, adding, “We won’t win the competition in this war of attrition” The Moscow Times.
The remarks gained widespread attention this weekend after The Moscow Times published excerpts from his report. Klepach also warned that Ukrainian strikes on Russian infrastructure, Western sanctions, and high domestic interest rates are stifling growth and technological investment, stating, “I don’t believe Russia will collapse, but I’m almost certain we’re coming up against a social crisis” The Bell.
Two sources cited by The Bell linked Klepach’s dismissal to his May remarks, with one stating that VEB.RF leadership received a phone call “from above,” implying the Kremlin ordered his firing. VEB.RF has not commented on the dismissal The Bell Meduza.
Before joining VEB.RF, Klepach spent a decade at Russia’s Economic Development Ministry, serving as deputy minister from 2008 to 2014 alongside officials including Central Bank Governor Elvira Nabiullina and Defense Minister Andrei Belousov The Moscow Times.
Russia’s budget deficit reached 5.87 trillion rubles in the first four months of 2026, far exceeding the annual target, as the country faces mounting costs from the war, Western sanctions, and Ukrainian strikes on energy infrastructure. Despite a temporary boost from rising oil prices due to the U.S.-Iran conflict, the Kremlin has increased taxes on small businesses and pressure on oligarchs to fund the war effort 444.hu.
TASS, Russia’s state news agency, confirmed Klepach’s dismissal but did not provide a reason, stating only that a successor had already been selected Digi24.
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