VEB

VEB, officially known as Vnesheconombank, is Russia's state development bank. It plays a significant role in financing large-scale projects and supporting the Russian economy. Recently, VEB has garnered attention following the dismissal of its chief economist, Andrey Klepach. Klepach was reportedly removed after a speech in which he expressed concerns about the negative impact of the war in Ukraine on Russia's economy and warned that the country might not be able to sustain a prolonged economic conflict. His critical assessment suggested that Russia was falling behind its economic rivals and would struggle in an extended war of attrition. The ouster of a senior economist for voicing such views highlights the sensitivity surrounding economic discussions related to the ongoing conflict and underscores the challenges Russia's economy faces. VEB's involvement in national economic strategy makes these internal developments particularly noteworthy.