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