WASHINGTON (Sputnik) — Russia imposed sanctions on Turkish goods, air travel, and employment contracts following Ankara’s decision in November to shoot down a Russian Su-24 jet it claimed violated Turkish airspace.
"The fallout from this conflict with Russia is likely to be, as a best case scenario, about $3.1 billion," Simsek said on Wednesday.
Simsek claimed the impact of Russia’s sanctions on the economy "is likely to be insignificant" based on Turkish official estimates of a $700-$800 billion annual gross domestic product in 2016. However, Simsek repeated that Ankara’s projected losses are based on a "best case scenario."
Last week, Ankara appealed to the World Trade Organization, arguing the sanctions violating trade rules. Moscow responded that its economic actions are fully within the framework of the WTO rules.