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Russia Planning Economic Sanctions Against Turkey

economic sanctions

Russia is preparing to impose a wide range economic sanctions against Turkey following the downing of one of its military jets on the border with Syria.

Russian Prime Minister Dmitry Medvedev ordered his government to draft sanctions against Turkey within two days in response to what he described as an “act of aggression against our country.”

He said he measures would include freezing some joint investment projects and restrictions on food imports from Turkey.

Economy Minister Alexei Ulyukayev said that other sanctions could include restrictions on the planned TurkSteam gas pipeline. He also warned that commercial flights, tourism and preparations for a free trade zone between the two countries may also be curtailed.

The Moscow Times report:

Medvedev said the government had been instructed by President Vladimir Putin to adopt retaliatory economic measures against Turkey and was empowered to place restrictions on financial operations, trade deals, the tourism industry, transport links and to impose new customs tariffs, according to the Interfax news agency.

He also said at the government meeting that “agreements and investment projects could be frozen or simply scrapped,” and proposed canceling talks on a preferential investment framework with Turkey, Interfax reported.

Specific proposals will be drawn up within two days, Medvedev said. He did not say which projects could be affected, but Russia had plans to build a gas pipeline to Turkey and construct a nuclear power plant in the country worth $20 billion.