Russia’s key bank dismissed its chief economist, who predicted Russia’s defeat "in a war of attrition"
Kyiv • UNN
Russian state-owned bank VEB dismissed Andrei Klepach after his remarks about losing the war of attrition and a possible social crisis. He had held the position for 12 years.
Russia’s key state bank, Vnesheconombank (VEB), fired its chief economist, Andrei Klepach, over remarks that Russia would not defeat the West in a war of attrition and his prediction of a social crisis. The Bell reports this, citing two people familiar with Andrei Klepach, according to UNN.
Details
According to one of the publication’s sources, VEB state corporation head Igor Shuvalov fired Klepach following a “call from above.”
VEB has not yet responded to the publication’s request.
Andrei Klepach worked as VEB’s chief economist for 12 years; before that, he spent 10 years at the Russian Ministry of Economic Development.
Context
Yesterday, excerpts from Klepach’s speech at a May meeting of the Nikitsky Club circulated in the media. There, among other things, he said: “We will not win the competition in this war of attrition. We have the illusion that everything there will collapse. It has not collapsed and will not collapse. Our costs are growing.”
He noted that Ukrainian strikes on Russian infrastructure had already become a “noticeable macroeconomic barrier to growth,” while the Russian “economy will endure, but a social crisis may arise—moreover, at a time when no one particularly expects it.”