Overview
- Andrei Klepach, who served 12 years as chief economist at state development bank VEB.RF, no longer holds the post after excerpts of a May speech were republished and widely picked up by Russian media.
- TASS and VEB confirmed his removal and Klepach told Reuters he had been dismissed, while reporting by The Bell cited anonymous sources saying VEB head Igor Shuvalov acted following an order “from above.”
- In the May Nikitsky Club speech Klepach warned Russia was falling behind economically and technologically, said it “will not win” a prolonged war of attrition with Ukraine, and warned of a likely social crisis.
- His comments blamed Western financial support for Ukraine, sanctions, high interest rates and Ukrainian strikes on Russian infrastructure for squeezing growth and investment in technology.
- The ouster highlights the political cost of public dissent inside state institutions and could chill frank economic debate inside Russia while Western sanctions and Ukrainian operations continue to pressure the Russian economy.