Turkey to Lose $9 Bln From Russia Sanctions

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The Turkish economy will lose $9 billion due to the Russian sanctions, the Turkey’s deputy prime minister Mehmed Simsek said in an interview with Turkish television channel NTV.

Turkey to Lose $9 Bln From Russia Sanctions

Mehmed Simsek

Simsek added that Turkey still hopes to de-escalate the conflict with Russia [SF: apparently, by invading Iraq or buying oil from ISIS]

“Breaking all links with Russia — a situation we are not considering at the moment — may cost the economy 0.3-0.4 percent of GDP,” he said.

According to Simsek, Russia’s ban on food imports from Turkey will cost the country’s economy $4 billion. Ban on package tours to Turkey will cause additional losses.

Turkey also dependends on Russian energy supplies.

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