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

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 criticis