Will Russia's economic restrictions on Turkey backfire?
Some worry Turkey’s losses from an angry Russia could reach $20 billion, but others expect the figure to be much lower and point out that Russia’s losses will be no less painful.
Turkey’s downing of a Russian jet in November tanked the phenomenally growing economic relations between the two countries.
Following the incident, Russia announced economic sanctions banning imports from Turkey of fresh fruit, vegetables, poultry, salt and cloves beginning Jan. 1.
Russia’s reactions have not been confined to economic sanctions. Almost immediately, Turkish businessmen visiting Russia were detained, restrictions were imposed on Turkish workers and visa-free visits to Russia will end Jan. 1. Russia officially called on its citizens not to go to Turkey, canceled charter flights, excluded Turkish companies from tenders and terminated military cooperation between the two countries.
Apparently these serious measures were not enough to soothe the Russian administration’s anger.
