New Delhi, Aug. 16 -- Andrei Klepach, chief economist of Russian state-owned bank Vnesheconombank (VEB), recently said that Russia might not be able to defeat Ukraine in a prolonged war of attrition, despite the government's massive spending on the defence industry.

Citing Klepach, Moscow Times reported earlier this week that Moscow is facing soaring economic costs from Western sanctions and the blockade, while Ukrainian attacks on ports, infrastructure, chemical plants and oil refineries are causing significant damage. He also warned that the country is losing ground to the rest of the world in terms of technological development.

He made these remarks at a recent session of the Nikitsky Club and said, "We're falling behind. We're losin...