Radio
Now Playing
Quickyla Radio โ€” Click to play
Open โ†’
3 min left
Back to News

Russia says its economy is strong. It just fired a top economist who warned otherwise

Russian government officials told CNBC that the economy is strong and healthy despite "unprecedented foreign pressure" following the country's full-scale invasion of Ukraine in early 2022. That messโ€ฆ

Russia says its economy is strong. It just fired a top economist who warned otherwise
CNBC Economy โ€” 18 August 2026
Text:
22 0 0

Russian government officials told CNBC that the economy is strong and healthy despite "unprecedented foreign pressure" following the country's full-scale invasion of Ukraine in early 2022.

That message sits in stark contrast with the views of the former chief economist of Russia's state-controlled development bank VEB, who was dismissed on Sunday after comments he made earlier in the year were reported in Russian-language media .

Andrei Klepach, a former deputy economy minister, was reportedly fired after presenting a report warning that Russia could not win a prolonged war of attrition with Ukraine and predicting a major social crisis.

Klepach's dismissal was directly linked to his scathing economic assessment, according to exiled independent Russian outlet The Bell, which cited unnamed sources familiar with the matter when it first reported the news. CNBC could not independently verify the report.

"In this war of attrition, we will not win the competition. We're under the illusion that everything will collapse. It hasn't, and it won't. Our costs are mounting," Klepach said in a speech presented to fellow economists on May 21, according to a translation.

"I believe Russia won't collapse, but I'm almost certain that we'll end up in a social crisis. We won't collapse economically, but our lag will widen, with all the ensuing consequences," he added.

The move to dismiss Klepach appears to underscore the Kremlin's zero-tolerance approach to public criticism and opposition to its military campaign in Ukraine after nearly four-and-a-half years of war.

Russian government officials remain defiant over the country's economic situation.

Read Full Story at CNBC Economy โ†’
Advertisement
"In this war of attrition, we will not win the competition. We're under the illusion that everything will collapse. It hasn't, and it won't. Our costs are mounting,"
โ€” CNBC Economy
React:
Sources
Sponsored

More to Read

Couple holds monthly money dates, avoiding financial argumeโ€ฆ
๐Ÿ“ˆ Markets & Finance
Couple holds monthly money dates, avoiding financial arguments for ten years
Business Insider Mkt ยท 13 days ago
Progressive's Combined Ratio Widened to 87.1 Last Quarter. โ€ฆ
๐Ÿ“ˆ Markets & Finance
Progressive's Combined Ratio Widened to 87.1 Last Quarter. What That Says About the Growtโ€ฆ
Nasdaq News ยท 11 days ago
HubSpot cuts customer-growth forecast to 5,000 per quarter
๐Ÿ“ˆ Markets & Finance
HubSpot cuts customer-growth forecast to 5,000 per quarter
Nasdaq News ยท 11 days ago
Iran voids 60-day nuclear negotiation deadline with US
๐ŸŒ World News
Iran voids 60-day nuclear negotiation deadline with US
France 24 ยท 2 days ago
Sanguinetti directs poetic debut on childhood in Argentina
๐ŸŽฌ Entertainment
Sanguinetti directs poetic debut on childhood in Argentina
Variety ยท 10 days ago
Idlib residents celebrate court's death sentence for Assad,โ€ฆ
โš”๏ธ War & Conflict
Idlib residents celebrate court's death sentence for Assad, former officials
Al Jazeera ยท 8 days ago
Full view