Russia to snap business ties with Turkey

Russia-Looks-to-Cut-Economic-T

Retaliating against Turkey for the downing of a warplane, Russia has decided to impose sanctions, cut economic ties and scrap major investment projects.

Since the Russian plane was shot down on November 24 in disputed circumstances on the Syria-Turkey border, Russia has already restricted tourism to Turkey and announced the confiscation of large quantities of Turkish food imports.  This has left Turkish trucks stranded at the border. Describing it as an “act of aggression against our country,” Russia’s Prime Minister Dmitry Medvedev on November 26 ordered his government to also draft sanctions against Turkey within the next two days in response to the downing of the Russian Su-24.

The move is expected to hit the economies of both countries, whose economic prospects look gloomy at the moment. Russia is the largest destination for Turkey’s exports. The two countries are also working on plans for a new gas pipeline and enhanced trade in food and tourism.

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