Andrei Klepach, chief economist at Russia's second-largest bank VEB.RF for 12 years, was dismissed on August 16 after delivering a stark assessment of the country's economic trajectory, Klepach confirmed to Forbes.
In a May 21 presentation to the Nikitsky Club, Klepach warned that Russia was falling behind China and the United States economically, and in certain areas trailing Ukraine. He cautioned that Russia would not prevail in a prolonged economic war with its neighbor. The dismissal came on direct orders from the Kremlin, according to The Bell.
The firing follows mounting fiscal pressure. Russia's budget deficit reached 5.87 trillion roubles in the first four months of 2026, already surpassing the government's target for the entire year.