Russian state bank ousts economist for criticizing war of attrition

Klepach, a former economy ministry official who had served at VEB since 2014, delivered his assessment during a May forum hosted by the Nikitsky Club. He argued that Russia’s reliance on the illusion of an imminent Ukrainian collapse is misplaced. Instead, he warned of mounting economic damage, a widening technological gap, and an inevitable social crisis, noting that the country is failing to keep pace with global competitors while suffering from the internal costs of a prolonged war.

While VEB confirmed the termination of his contract, the institution provided no specific justification for the move. Klepach’s analysis pointed to a deteriorating quality of governance and an over-dependence on Beijing, alongside the impact of Ukrainian strikes on energy and logistics infrastructure. His assessment stands in direct contrast to President Vladimir Putin’s official narrative, which maintains that the Russian economy remains stable and resilient despite international sanctions.