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Turkey may lose up to $1 billion from Russian food sanctions

Staff Writer |
The share of Turkish goods hit by Russian sanctions introduced early in 2016 accounted for 22% in the structure of Russian import from Turkey or nearly $1 billion in 2015.

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The Russian Ministry of Economic Development said that in draft customs and tariff policy guidelines for 2017-2019.

"The portion of goods banned for import from Turkey from January 1, 2016 accounted for 22% or $0.9 billion in the structure of Russian import from that country as of 2015 year-end," the Ministry said in the document.

If Russian sanctions continue to be in effect by 2016 year-end, losses of Turkey as of the end of this year may be about $1 billion.

Gradual recovery of cooperation in trade and other spheres between Russia and Turkey started this June. Russia still maintains sanctions on Turkish foods for the time being.


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