Russian sanctions 'could hit Turkey's GDP by up to 0.7%'Comments
Russian sanctions against Turkey could have substantial impact “if they persist over the next year and are fully applied”.
So says a report by the European Bank for Reconstruction and Development, which estimates Turkey’s GDP growth may be reduced by between 0.3 and 0.7 percent.
Energy is the main pressure point; Russia is Turkey’s number one supplier, providing more than half of its natural gas.
The Black Sea pipeline Turkish Stream has been shelved; talks are suspended and construction called off.
Russia’s sanctions impact on #Turkey. See source of natural gas imports to Turkey https://t.co/vWRUJCLedOpic.twitter.com/kpa9tJwK1E— The EBRD (@EBRD) December 7, 2015
The EBRD estimates that while the impact on Russia is “likely to be limited”, some Turkish companies and regions are likely to be hit hard.
It’s thought that tourism firms relying on revenue from Russian visitors and the exporters of banned foodstuffs will be affected disproportionately.
Moscow took action after Turkey downed a Russian fighter jet on the Syrian border.
Russia’s sanctions impact on #Turkey. Turkish imports from Russia https://t.co/vWRUJCtDmgpic.twitter.com/LT4yVPh62a— The EBRD (@EBRD) December 7, 2015
What do Russia's sanctions mean for Turkey? Foreign tourists arriving to Turkey. https://t.co/ZwoXYBENOJpic.twitter.com/uWDgDMKc3W— The EBRD (@EBRD) December 7, 2015