Overview
- VEB.RF confirmed to Reuters and TASS that Andrei Klepach no longer serves as the bank’s chief economist and that a successor will be appointed after excerpts of his May speech were republished, with multiple outlets reporting the removal on Aug. 17.
- In the speech Klepach said Russia was falling behind technologically and economically, argued it could not win a prolonged 'war of attrition' against Ukraine, and warned the country faces a likely social crisis if trends continue.
- Independent reporting, citing anonymous sources, says VEB chair Igor Shuvalov dismissed Klepach after a phone call 'from above,' a claim that links the firing to Kremlin intolerance for public dissent while the Kremlin has not publicly acknowledged involvement.
- Klepach was a long‑serving insider who spent about 12 years as VEB’s chief economist and a decade at the Economy Ministry, which makes his ouster notable for how it narrows space for candid technical advice inside state institutions.
- Analysts say the rapid removal is a signal to elites and markets that critical assessments carry political risk, a development that could weaken internal debate on economic strategy, reduce public policy options, and weigh on investor and business confidence.