Andrei Klepach #

Introduction #

Andrei Klepach is a Russian economist who was fired as chief economist of VEB, the state-controlled development bank described in press reporting as Russia’s second-largest bank, in August 2026, days after Russian media reported on a scathing speech he had delivered about the state of the country’s wartime economy. In the May 2026 address to fellow economists, Klepach warned that Moscow would not win a prolonged economic war with Ukraine and said Russia was “falling behind” China and the US — and, “in some respects, Ukraine.” VEB offered no reason for the dismissal, but the independent Russian outlet The Bell reported, citing sources, that he was fired on orders from the Kremlin. The firing, reported by the Guardian’s Pjotr Sauer and republished by AOL on August 17, 2026, drew attention as a signal of the Kremlin’s growing insistence on loyalty within Russia’s upper ranks.

Background Information #

Klepach had served as chief economist at VEB since 2014, making him one of the longest-serving holders of a senior economic post in the Russian state system at the time of his dismissal. In the coverage of his firing, he was described as a respected figure in the Russian economics profession: Alexandra Prokopenko, a former adviser to the Russian central bank and a fellow at the Carnegie Russia Eurasia Center, called him “one of Russia’s best macroeconomists” and said he was unafraid to voice views that diverged from the official line. According to Prokopenko, his forecasts were “based on assessments of reality rather than a desire to please anyone” and were often more pessimistic than the official figures.

The Controversy or Incident That Led to Their Cancellation #

Allegations. The claims in this section are allegations from Russian media reporting on the dismissal — The Bell, citing sources, and a source of the business daily Vedomosti — about who ordered it and why. They were never admitted by VEB or Klepach, never criminally charged, and never adjudicated in court. VEB gave no reason for the firing, and the reports quote no public statement from Klepach about it.

In May 2026, Klepach delivered a public address to fellow economists in which he said Russia was falling behind China and the US economically, and “in some respects, Ukraine.” He argued that the pressures of the war would inevitably lead to a “social crisis” that would erupt “when no one particularly expects it,” and he dismissed expectations of an imminent Ukrainian economic collapse as misplaced. “We will not win this competition in a war of attrition with Ukraine,” Klepach said. “We have an illusion that everything will collapse there. It hasn’t collapsed, and it won’t. Our costs are growing.” The remarks were first reported by the Moscow Times, and Klepach was fired days after Russian media reported on the speech.

VEB did not offer a reason for the firing. An acquaintance of Klepach told the business outlet Vedomosti that his departure was “connected to his personal, harsh assessments of the country’s economic and political development, which cannot possibly align with the corporation’s position.” The Bell, citing sources, reported that Klepach was fired on orders from the Kremlin and that his dismissal was directly linked to his May address.

Public Reaction and Consequences #

The speech was described as a rare acknowledgment from a senior Russian economist of the country’s mounting economic struggles, directly contradicting Vladimir Putin’s claims that Moscow was successfully weathering the economic pressures of the war and that Ukraine’s economic exhaustion was only a matter of time. Prokopenko argued the dismissal was unlikely to change the underlying picture: “Klepach’s dismissal – he is one of Russia’s best macroeconomists – is unlikely to delay the looming crisis he has been warning about.” Commentary on the firing framed it as evidence of the Kremlin’s increasing insistence on loyalty among Russia’s elite, “even in technical economic roles,” and warned that dismissing a top economist for speaking critically may deter other experts from offering honest assessments.

Current Status #

As of the August 17, 2026 reporting, Klepach had been dismissed from his role as chief economist of VEB, ending his tenure at the bank. VEB gave no reason for the firing and made no further statement quoted in the reports, and no successor or new role for Klepach was announced in the coverage. The reports quoted no public statement from Klepach on his dismissal, and no legal or administrative proceeding against him was reported.

Impact on Their Career/Life #

The firing ended Klepach’s more-than-decade-long run as VEB’s chief economist, a post he had held since 2014, and removed one of the few senior Russian economic officials publicly willing to paint a grimmer picture than the official line. It came as Russia’s economy faced its most difficult period since the start of the full-scale invasion of Ukraine in 2022: the budget deficit hit 5.87tn roubles ($81bn) in the first four months of 2026, well above the government’s 3.79tn-rouble target for the entire year, and some of Putin’s closest advisers have privately warned that current wartime spending is becoming unsustainable. The case was read as highlighting the Kremlin’s growing insistence on loyalty amid reports that Putin has increasingly surrounded himself with officials reluctant to challenge his views, and as a precedent that could discourage honest economic analysis within the system.