Andrei Klepach, a Russian macroeconomist and longtime chief economist at state development corporation VEB.RF, has left his position after making unusually critical public remarks about Russia’s economic trajectory and the costs of the war in Ukraine, according to Russian media reports. VEB.RF confirmed that Klepach was no longer its chief economist but did not disclose the reason for his departure.
The departure was first reported by independent Russian outlet The Bell on Aug. 16, according to Reuters. On Aug. 17 that two people familiar with the matter said Klepach had been dismissed after his remarks about Russia’s economy and the war.
The timing has drawn attention because the reports followed the publication of excerpts from a May speech in which Klepach questioned Russia’s economic performance and its ability to prevail in a prolonged conflict.
Klepach’s Long Career In Economics
Klepach had served as VEB.RF’s chief economist since 2014, according to Reuters. Before joining the state development corporation, he spent about a decade at Russia’s Economic Development Ministry, where he worked on macroeconomic forecasting and later served as deputy economic development minister.
VEB.RF has previously described Klepach as its chief economist and highlighted his long experience in government and economic policy. A 2015 VEB.RF publication described him as a respected applied macroeconomist and noted that he had spent 10 years at the Economic Development Ministry.
His professional profile also extended into academia and economic research. The Nikitsky Club’s official website identified Klepach as VEB.RF’s chief economist and an associate professor at Moscow State University for its May 21, 2026, event titled “Russia’s Economy and Geopolitical Challenges.”
Alexandra Prokopenko, a senior fellow at the Carnegie Russia Eurasia Center in Berlin, has described Klepach as someone willing to defend his views publicly. Recalling his previous disagreements with senior Russian officials, she told The Bell that Klepach “was never afraid to defend his opinion.”
Klepach Warned Russia Was Falling Behind
Klepach spoke at the Nikitsky Club on May 21 during a session titled “Russia’s Economy and Geopolitical Challenges,” according to the club’s official website. The event listing identifies him as VEB.RF’s chief economist.
During the presentation, Klepach argued that Russia was losing ground in the global technological and economic competition.
“No matter what we do with our economy, it will survive. In that sense, there is no critical economic tipping point. The problem is rather that we are falling behind. We are losing both the technological and economic competition in the world. And we are losing not only to China and the US – in some respects, we are losing to Ukraine,” Klepach said.
He also challenged expectations that Ukraine’s economy or war effort would collapse under pressure.
“We won’t prevail in this war of attrition. We have this illusion that everything over there will collapse. It hasn’t collapsed and it won’t,” he said.
Klepach further warned that Russia could experience a social crisis at a time when such an outcome was not widely expected.
He predicted that Russia could face a social crisis “precisely when nobody is particularly expecting it.”
Sources Link Departure To Remarks
VEB.RF confirmed Klepach had left his chief economist position but did not provide a reason for his departure. The connection between his remarks and his departure has been reported by sources, but VEB.RF has not publicly confirmed it.
The Russian business newspaper Vedomosti also reported that a VEB.RF representative confirmed Klepach had left the position and declined to comment on the reasons.
An acquaintance of Klepach told 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.”
Russia Faces Growing Economic Pressures
Klepach’s remarks came as Russia’s wartime economy faced slower growth and increasing pressure from high government spending, labor constraints and the costs associated with the war in Ukraine.
Klepach had highlighted concerns about Russia’s economic trajectory, including its technological competitiveness and the longer-term costs of the war.
The broader economic picture remains more complicated than a simple claim of collapse. Analysts have pointed to slowing growth and growing fiscal pressures, while Russia’s government has continued to maintain economic activity through high state spending.
His remarks were warnings about Russia’s relative economic and technological position and the sustainability of current policies, rather than a prediction that the Russian economy was about to stop functioning.
Russia’s budget deficit had reached 6.5 trillion rubles, or about $76.5 billion, while the central bank maintained a 14% interest rate, as per the report by The Financial Times.
Klepach’s Departure Raises Further Questions
Klepach’s departure leaves questions about his next role and about how VEB.RF will replace one of its most senior economic officials.
VEB.RF has confirmed that Klepach is no longer its chief economist, while multiple sources have reported that his May remarks were connected to his departure.
Klepach’s warnings therefore remain part of a broader debate over Russia’s wartime economic model, its technological competitiveness and the longer-term costs of maintaining high levels of military spending.
