As Russia responds to the incident with the downed Su-24 bomber by imposing economic restrictions on Turkey in various sectors, the Turkish economy faces potential losses of over $52 billion, Turkish media wrote on Monday.
A preliminary analysis made by representatives of the opposition Republican People’s party has estimated Ankara’s losses from its current tensions with Russia at between $8.5 and $12.2 billion, which could exceed $52 billion over the next four-year period, the daily newspaper Cumhuriyet reported.
This year Turkish exports to Russia have already dropped by 30-40 percent.
The number of Russian tourists in Turkey has also fallen drastically (by 600,000 people), as has the number of construction projects being carried out by Turkish companies in Russia.
Turkey will also suffer from the suspension of a number of energy cooperation projects with Russia as Russian gas accounts for a hefty 50 percent of the country’s total gas consumption.
On December 7 the Turkish government said the country would lose $9 billion as a result of the economic sanctions imposed by Russia.
Relations between Moscow and Ankara soured after a Turkish fighter jet shot down a Russian Sukhoi Su-24 bomber on November 24.
Russia retaliated by slapping a series of hard-hitting economic sanctions on Ankara cutting off the flow of Russian tourists coming to Turkey, banning the import of Turkish fruits and vegetables and unilaterally suspending the visa-free regime with Ankara.
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