Turkey’s Republican People’s Party (RPP) estimated that the economy could lack $8.5 – 12.2 billion on the back of the political crisis with Moscow.
The main opposition party reckoned that immediate damage has been at least $6.5 billion. In case Ankara fails to settle the diplomatic crisis, the losses could total $52.2 billion in four years.
If cooperation in energy projects comes to an end, Turkey will face a complicated situation as the country relies mainly on Russian gas supplies. Nowadays, over half of imported energy comes from Russia.
Moreover, Turkey’s holiday making sector will incur severe losses. Turkish resorts are visited by about 3.5 million Russians annually, who spend $2.9 billion.
According to flash estimates of Turkey’s government, the Russian sanctions have already caused damage at $9 billion.
Tensions between Ankara and Moscow have escalated over the past month after Turkish air force shot down a Russian jet fighter on the Syrian border. A Russian pilot died during the incident. In response, Russia imposed a series of sanctions aimed at the holiday making industry, food exports, and no visa entry.
