Barclays: Moscow's Restrictions to Affect Turkey's Economy More Than Russia

The Russia-imposed economic measures against Turkey are expected to have a greater negative impact on the Turkish economy than on the Russian market, Barclays Research analysts said in a report on Thursday.

VIENNA (Sputnik) — According to the report, the Russian restrictions are likely to have a greater negative impact on Turkey's prospects of economic growth than Russia's, however, the food embargo may cause an increase in food prices in the Russian market.

Russian-Turkish relations deteriorated following the downing of a Russian Su-24 attack aircraft by a Turkish F-16 fighter in Syria on November 24.

In response to this "stab in the back," as it was described by Russian President Vladimir Putin, Moscow has imposed a number of restrictive measures on Turkey, including import restrictions, a ban on Turkish organizations' activities in Russia and an embargo on hiring Turkish citizens in Russia. All of the measures are due to take effect from January 1, 2016.