05:41 GMT21 June 2021
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    Russian Su-24 Jet Downed Over Syria (276)
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    The economic implications of Turkey's decision to shoot down a Russian Su-24 bomber in Syrian airspace will be far-reaching and grave for Ankara, not Moscow, MarketWatch asserted.

    "Vladimir Putin and Recep Erdogan are throwing punches like a pair of equally rated gladiators, but the commercial war that the one has sparked and the other is waging can be won only by one: Russia," the media outlet noted.

    Smoke is seen rising from the the burning leftovers of an oil refinery over oil fields near the oil rich city of Ramlan, on October 20, 2013 near the Syrian Kurdish town of Derik
    © AFP 2021 / FABIO BUCCIARELLI
    By downing the aircraft Ankara has dealt a heavy blow to the $30 billion trade relationship with Moscow, which, according to MarketWatch columnist Amotz Asa-El, is important for Russia and "existential" for Turkey.

    "Russia needs the roughly $4 billion worth of fruits and vegetables it has been buying in Turkey since the sanctions, but it will find such produce in other warm countries, just like it will find alternative clients for the $1.5 billion in grains that it sold Turkey last year," MarketWatch noted.

    Turkey's tourism will also take a hit, losing millions of Russian visitors. As many as 3.3 million Russians (10 percent of all tourists coming to Turkey annually) are estimated to have vacationed in the country in 2014.

    Losing Russian clients and partners will be especially harmful for the Turkish economy since it is a "socially restive" country due to the Kurds and Syrian refugees.

    "Farmers whose harvests will lose the Russian market, and employees of the hotels and restaurants that will soon lose their Russian clientele, will join those Turks who already grapple with more than a million Syrian refugees' pressure on the Turkish labor market," the media outlet explained.

    The recently introduced restrictive measures do not cover gas supplies. If they do, things will get worse for Ankara.

    "Yes, $20 billion is a lot of money even for Russia, but it's not the kind of sum it can't afford to lose. Turkey, on the other hand, if deprived of Russia's gas, will nearly come to a standstill," MarketWatch noted.

    Should Turkey decide to add fuel to the fire, Russia's economic pressure will only increase. It "will not abate until someone in Ankara does what neither Putin nor Erdogan has ever done: surrender," the media outlet concluded.

    Topic:
    Russian Su-24 Jet Downed Over Syria (276)

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    Tags:
    economic sanctions, economy, Downing of Russian SU-24, Vladimir Putin, Recep Tayyip Erdogan, Turkey, Russia
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