Russian state bank economist fired over critical war assessment

Andrei Klepach, a prominent chief economist at the Russian state development bank VEB and former deputy economy minister, was dismissed from his post on August 16, 2026. The termination followed the recent emergence of remarks he made during a May economic conference, where he warned that Russia is falling behind the West, China, and even Ukraine in technological and economic competition.

Klepach argued that Russia cannot prevail in a protracted war of attrition, predicting that the ongoing conflict will lead to a significant social crisis. While Russian government officials maintain that the national economy remains strong and resilient despite foreign pressure and recent Ukrainian drone attacks on infrastructure, Klepach’s assessment directly contradicted this official narrative. Reports from sources including 'The Bell' confirm that his departure was a direct consequence of his public criticisms regarding the sustainability of the Russian war effort and the long-term economic damage incurred.