Top Russian economist ousted after warning of growing costs of Ukraine war
Summary
Andrey Klepach, chief economist at Russia’s state bank VEB, was removed from his position after his speech warned that the war in Ukraine is hurting Russia’s economy. He said the conflict is causing economic losses, slowing growth, and could lead to social problems in Russia.Key Facts
- Andrey Klepach was chief economist at VEB from 2014 until recently.
- He gave a speech in May warning that the Ukraine war harms Russia’s economy.
- Klepach said Russia is losing economic and technological competition with other countries, including Ukraine.
- He highlighted Ukraine’s financial support from Western countries as a factor.
- Klepach predicted the economic impact could cause a social crisis in Russia.
- He criticized Russia’s governance, saying decision-making quality is worsening.
- The Russian central bank recently said the economy might not grow in 2024.
- President Vladimir Putin said the economy is stable despite outside pressures.
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