POST Online Media Lite Edition


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.

Article continues below

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.

What to read next

Turkey's hazelnut exports almost double in September
Russia will not lift embargo on tomatoes supplies from Turkey in coming years
Syrian refugees plug labour shortages on Turkish farms