VEB bank fires chief economist over forecast that Russia could lose 'war of attrition' with the West
Andrei Klepach, chief economist of Russia's state development bank VEB.RF, has been dismissed after his remarks about the risk of Russia's defeat became public. VEB head Igor Shuvalov made the decision, reportedly following a phone call 'from above'.
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Russia's state development bank Vnesheconombank (VEB.RF) has dismissed its chief economist, Andrei Klepach, following the public spread of comments he made suggesting Russia faces a risk of defeat in what he described as a war of attrition with the West.
The remarks were delivered during a session of the Nikitsky Club and were first highlighted by The Moscow Times before spreading more widely across media outlets.
According to a source close to Klepach who spoke to The Bell, VEB chief Igor Shuvalov dismissed the economist after receiving a phone call "from above." Klepach had held the position of chief economist at the bank for 12 years before his removal.
The dismissal illustrates continued sensitivity among Russian authorities toward public statements that question the country's prospects or performance in its war against Ukraine and confrontation with the West. It adds to a pattern of officials and experts facing consequences for critical or pessimistic assessments of Russia's wartime situation.
