Tough Times Ahead: Russian Sanctions to 'Bankrupt' Turkish Food Exporters

Messing with Russia has left the Turkish agricultural sector in shambles, as the country’s food exporters are losing most of their business as a result of sanctions, the newspaper Dunya said, citing a report by Mediterranean Exporters Union.

Sanctions have hit Turkish food exporters real hard: the export of agricultural products fell by 88 percent last month compared to January 2015, according to the Turkish newspaper.

The situation is so dire that the Turkish agricultural sector might be on the verge of full bankruptcy without the government's support.

"If the government fails to extend a helping hand, the sector can bankrupt in all segments — from producers to exporters," the newspaper said.

The Russian market was the main export area for Turkish food producers. Ankara has been trying to find alternative markets to sell its agricultural products, but so far Turkish attempts have fallen short.

Moscow imposed sanctions against Turkish goods, air travel and employment contracts after Ankara shot down a Russian Su-24 bomber in November 2015.

The list of products Turkey is no longer allowed to sell to Russia includes frozen chicken and turkey parts, fresh and frozen tomatoes, eggplants, cucumbers, peppers, oranges and tangerines, apricots and strawberries.

With the full set of Russian sanctions against Turkey in place, the country's exports will keep going down even faster.