Vladimir Putin Latest News: Russia’s state development bank, VEB.RF, has dismissed its chief economist, Andrei Klepach, following a rare public critique in which he warned that Moscow cannot win a prolonged “war of attrition” against Ukraine and the West.
Vladimir Putin Latest News: Russian State Bank Fires Economist Who Warns Putin
Klepach’s dismissal followed the public leaks of a stark speech he delivered in May 2026 at the Moscow Exchange’s Nikitsky Club. An independent Russian outlet reported that VEB chairman Igor Shuvalov removed Klepach after receiving a direct phone call “from above,” implying a directive from the Kremlin.
VEB.RF confirmed Klepach is no longer with the institution but refused to provide an official reason for his exit.
Klepach served as VEB.RF’s chief economist for 12 years and previously spent a decade at Russia’s Economic Development Ministry, serving as deputy minister from 2008 to 2014.
Vladimir Putin Latest News: Warnings from Klepach’s Speech
Klepach offered a blunt assessment of Russia’s economic and technological trajectory under wartime conditions:
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The Illusion of Collapse: He stated that Russia is under the illusion that Ukraine’s economy will imminently collapse. Supported by Western financial backing, Ukraine is surviving while Russia’s domestic costs continue to mount.
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Losing the Global Race: He warned that Russia is falling behind and losing global economic and technological competition, not just to the United States and China, but in some aspects to Ukraine.
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Impending Social Crisis: While noting that Russia will not completely collapse economically, Klepach predicted a severe social crisis. He compared the current socio-economic warning signs to the conditions preceding the 1917 February Revolution and the 1991 collapse of the Soviet Union.
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Infrastructure Pressures: He highlighted mounting macro-economic damage caused by targeted Ukrainian drone strikes on critical Russian energy infrastructure, ports, and warehouses.
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Flawed Governance: He criticized Russia’s over-dependence on China and described an overall deterioration in the quality of state governance. He claimed long-term strategic decisions were being made with a very low level of justification.
Vladimir Putin Latest News: Who is Andrei Klepach?
To understand why his firing caused such a storm, it helps to understand his status within the Russian establishment:
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The ultimate insider: Klepach is not an exiled dissident; he was an elite state technocrat who served as Deputy Economic Development Minister from 2008 to 2014.
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A decade at the top: He worked alongside current top officials like Central Bank Governor Elvira Nabiullina. For the last 12 years, he served as the chief economist for VEB.RF, the state corporation that funds Russia’s largest development projects.
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“One of the best”: Members of the Russian economic community, as reported by The Bell, regarded him as one of the country’s most capable macroeconomic minds.
Vladimir Putin Latest News: Kremlin’s Zero-Tolerance Signal
Klepach was ousted less than 48 hours after his remarks went public. The speed of his firing, allegedly triggered by a direct phone call to VEB chairman Igor Shuvalov “from above”, proves that the Kremlin has adopted a policy of zero tolerance toward even its most brilliant state minds if they break rank on the true cost of the war.
