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Russian state bank fires economist who warned Moscow was losing 'war of attrition' with West
The dismissal followed public remarks that Russia could not win a prolonged war of attrition and was losing ground economically and technologically.
- On Sunday, Russian state development bank VEB.RF fired chief economist Andrei Klepach after he criticized Russia's economic prospects regarding the war in Ukraine. Sources suggest the Kremlin ordered his dismissal.
- Klepach delivered the assessment during a May meeting at the Moscow Exchange's Nikitsky Club, stating Russia is 'losing not only to China and the United States, but in some ways, we're losing to Ukraine' in a war of attrition.
- He warned of a potential social crisis, stating, 'Economically we will not collapse, but our lag will continue to grow, with all the resulting consequences.' Klepach cited Ukrainian infrastructure strikes and Western sanctions as major factors hindering investment.
- His remarks gained widespread attention after The Moscow Times published excerpts last week. Klepach also criticized the 'quality of governance' and low justification for strategic decisions amid the Federal Security Service's growing influence.
- Klepach, who served 12 years in the role, had previously worked at the Economic Development Ministry with Central Bank Governor Elvira Nabiullina. The central bank suggested in July that the economy might not grow at all this year.
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76 Articles
Andrei Klepach fired from the country's second bank. Pay for the criticism of the war and the gloomy forecasts
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·Spain
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Total News Sources76
Leaning Left14Leaning Right11Center15Last UpdatedBias Distribution37% Center
Bias Distribution
- 37% of the sources are Center
37% Center
L 35%
C 37%
R 28%
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