Top Russian economist replaced after warning of economic costs of Ukraine war

CNN ^ | August 18, 2026 | Anna Chernova + Issy Ronald

[Miami Rebel]

Andrey Klepach, one of Russia’s top economists, has been replaced as chief economist of the country’s national development bank shortly after a speech was made public in which he reportedly said Russia’s economy was being damaged by the war in Ukraine.

Russia’s state news agency TASS confirmed Sunday that Klepach “no longer holds the position of chief economist at VEB,” one of Russia’s largest banks, but did not give a reason for his departure. A new candidate has been selected and will be appointed soon, TASS added. VEB repeated the same statement to CNN.

That announcement came two days after The Moscow Times, an independent Russian newspaper, published extracts of a speech Klepach gave in May at a forum of economists and academics known as the Nikitsky Club.

According to the newspaper, Klepach warned that Russia was “losing both the technological and economic competition globally” and would not win a war of attrition while Ukraine had financial backing from Western powers. Eventually, he said, “I’m almost certain we’re coming up against a social crisis.”

Klepach’s comments, and his subsequent departure, serve as a reminder both of the internal criticisms directed towards President Vladimir Putin as his war in Ukraine drags on, and the cost incurred by those who speak out.

Klepach noted that Russia’s war in Ukraine has lasted longer than the Great Patriotic War – the term used in Russia to describe the Soviet Union’s war against Nazi Germany – and there is still “no end in sight.”

Since May, when Klepach made this speech, Ukraine has intensified its aerial assaults against Russian infrastructure in what appears to be an effort to bring the war home to everyday Russians and to press the country’s business elite to push for an end to hostilities.

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TOPICS: Business/Economy
KEYWORDS: azovrecruitersonline; clintoonnooznetwork; costofwar; economist; enlistnowforvictory; loookthebogeyman; neverwasourwar; notourwar; russia; russianbogeyman; russiarussiarussia; sendanothertrillion; somesaylolol; stayawayfromwindow; ukraineisjob1; whatsourcost; zeepersarerinosdude

[Miami Rebel]

The speech was made in May but made public just this week.

[PAR35]

They guy may be looking for a window fall out of, or some Polonium flavored tea to drink.

Pro tip - don’t get on a private jet with him.

[nevadapatriot]

Sounds like a Potemkin position

[ansel12]

The Wildberries destruction must be stimulating a lot of discussions in Russia among all segments of the society, the citizens, the rich, the business community, the economists, if his warning was in May, then the possible collapse of Wildberries must be magnifying it.

[tlozo]

[Miami Rebel]

The best part of the Wildberries attacks is that the Russian national bank is their lender.

[ansel12]

Some say they may already be 14 billion dollars in debt without the attacks, these losses are not insured I don’t think.

[unclebankster]

Not much is happening for either side to change the status quo in this war.

So the status quo will continue and from my perspective nothing will change in the next couple of years.

[If You Want It Fixed - Fix It]

Fixed. Like banning the latin mass makes us all give up.