Senior Russian banker fired after scathing speech on wartime economy
Summary
Andrei Klepach, the chief economist at Russia’s second-largest bank VEB, was fired after making critical comments about Russia’s economy struggling due to the war with Ukraine. His warnings about a social crisis and Russia losing a long economic conflict with Ukraine contradicted the official government view.Key Facts
- Klepach served as chief economist at VEB bank since 2014.
- He gave a speech in May warning Russia’s economy was falling behind China, the US, and even Ukraine.
- Klepach predicted a social crisis in Russia due to the war’s economic pressure.
- He said Russia would not win a prolonged economic conflict with Ukraine.
- His statements contradicted President Putin’s claims that Russia was managing well economically.
- Klepach’s firing was likely ordered by the Kremlin and linked to his critical speech.
- The Russian economy faces severe difficulties from war costs, Western sanctions, and attacks on its oil and gas sector.
- Russia’s budget deficit is much higher than planned, and wartime spending is seen as unsustainable by some advisers.
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