Shapovalyants, 41, formerly first deputy minister of economics, has been given the title of acting economics minister.
Nechayev was removed from his post Friday in a broader reshuffle, which also saw Finance Minister Vasily Barchuk replaced. His position was taken by Boris Fyodorov, formerly deputy prime minister with general control of economic reform.
Shapovalyants, who had been Nechayev's first deputy, was educated at the Plekhanov Institute where parliamentary speaker Ruslan Khasbulatov used to teach Marxist economics. He received a degree as an economist, specializing in monetary and credit policy.
He worked for 15 years at the Soviet state planning ministry, Gosplan.
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