Turkey may lose up to $1 bln in 2016 from Russian food sanctions — Russian ministry

10.10.2016

Russia still maintains sanctions on Turkish foods despite normalization in its ties with Ankara

The share of Turkish goods hit by Russian sanctions introduced early in 2016 accounted for 22% in the structure of Russian import from Turkey or nearly $1 bln in 2015, the Russian Ministry of Economic Development said on Friday in draft customs and tariff policy guidelines for 2017-2019.

"The portion of goods banned for import from Turkey from January 1, 2016 accounted for 22% or $0.9 bln in the structure of Russian import from that country as of 2015 year-end," the Ministry said in the document.

If Russian sanctions continue to be in effect by 2016 year-end, losses of Turkey as of the end of this year may be about $1 bln.

Gradual recovery of cooperation in trade and other spheres between Russia and Turkey started this June. Russia still maintains sanctions on Turkish foods for the time being.


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