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.
According to The Moscow Times, Klepach said Russia was falling behind in global technological and economic competition and warned of a possible social crisis. He also argued that Ukraine’s Western financial support made a prolonged war of attrition difficult to win.
CNN reported that Ukrainian strikes, Western sanctions and high domestic interest rates were weighing on growth. Klepach also noted the conflict had lasted longer than the Great Patriotic War, with no clear end in sight. His removal signals risks.
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Russia says its economy is strong. It just fired a top economist who warned otherwise https://t.co/yGcL6awWVd
— CNBC (@CNBC) August 18, 2026
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