Turkish Economy to Lose $9 Billion over Russia Crisis

Local Editor

Tensions with Russia could cost Turkey's economy nine billion dollars in the worst case scenario of "zero relations", Turkish Deputy Prime Minister said Monday.

It was after Turkish fighter jets shot down a Russian jet on the Syrian border on November 24 that Moscow has imposed a series of economic sanctions against Ankara, sparking the biggest crisis between the two countries since the Cold War.

In the context, Turkish Deputy Prime Minister in charge of the economy, Mehmet Simsek explained: "In the worst-case scenario, which is zero relations with Russia, we are talking about a loss of nine billion dollars."

In addition, Russia's sanctions include a ban on the import of some Turkish foods and a halt on sales of holiday packages, a major blow to Turkish tourism.

Simsek further added that the number of Russian tourists visiting Turkey and construction contracts with Russian companies had also significantly reduced.

"We have always seen Russia as an important partner and have no intention to escalate the tensions any further," he added.

For his part, Turkish president Recep Tayyip Erdogan Saturday announced that Turkey was seeking alternatives to Russian energy, vowing his country would "not collapse" under sanctions.

Energy-hungry Turkey relies on Russia for 55 percent of its natural gas and 30 percent of its oil.

Referring to Qatar and Azerbaijan, Erdogan further suggested that: "It is possible to find different suppliers."

Source: News Agencies, Edited by website team