Turkish economy risks losing $9 billion over Russia crisis: Deputy PM

ANKARA

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Tensions with Russia could cost Turkey’s economy nine billion dollars in the worst case scenario of “zero relations”, Turkish Deputy Prime Minister Mehmet Şimşek said Dec. 7.  
   
Moscow has imposed a series of economic sanctions against Ankara after Turkish fighter jets shot down a Russian jet on the Syrian border on Nov. 24, sparking a big crisis between the two countries.

“In the worst-case scenario, which is zero relations with Russia, we are talking about a loss of nine billion dollars (8.3 billion euros),” Şimşek told private NTV television.     

The current tension is likely shave 0.3 to 0.4 percent off Turkey’s GDP, Şimşek added.

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.

Şimşek said that the number of Russian tourists visiting Turkey and construction contracts with Russian companies had also significantly reduced.  
     
“There are 603,000 fewer [Russian] tourists,” he said.  
   
“We have always seen Russia as an important partner and have no intention to escalate the tensions any further,” he said.     

“But if Russia continues to maintain this attitude.... all kinds of dissuasive measures will be taken,” he warned.

Turkish president Recep Tayyip Erdoğan on Dec. 5 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.  
   
“It is possible to find different suppliers,” Erdoğan said, referring to Qatar and Azerbaijan.