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Turkish economy may gain $10 bln in 2 years due to normalization of ties with Russia

July 11, 2016, 17:48 UTC+3 ANKARA
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ANKARA, July 11. /TASS/. Turkey's economy will gain about $10 bln in the next two years thanks to normalization of relations with Russia, the Dyunya newspaper reported on Monday referring to the report on the geopolitical risks by the Ata Yat·r·m Investment Agency.

"The worsened bilateral relations in trade and tourism will improve in the coming years, and the current problems in Turkish-Russian relations will be resolved. This will have a positive impact on the Turkish economy, and it will bring about an additional $4.5 to 5 bln per year," the report said.

On June 30, Russian President Vladimir Putin signed a decree correcting the special measures with regard to Turkey. In particular the decree lifts two restrictions: a recommendation to refrain from selling tours to Turkey and a ban on charter flights. Other measures remain in force, but the Russian government was ordered to hold talks with the Turkish side, and on the results of the talks to make proposals on changing terms or the nature of special measures.

The relations between Moscow and Ankara worsened as an F-16 fighter jet of the Turkish Air Force shot down a Russian Su-24M bomber. Ankara claimed the Su-24M bomber violated the Turkish air space in the area of the border with Syria. However, Russia’s Defense Ministry said the Su-24M plane stayed exclusively over the Syrian territory and "there was no violation of the Turkish air space."

Russian President Vladimir Putin warned that the attack on the bomber would have "serious consequences" for the Russian-Turkish relations.

On November 28, Russian President Vladimir Putin signed a decree that suspends employment of Turkish workers starting from January 1, 2016. Also, Russia suspends the visa-free travel agreement with Turkey, imposes bans or restrictions on imports of certain goods (the list will be determined by the government). Besides, travel agencies are advised against selling holiday packages to Turkey. The government is instructed to tighten control over activities of Turkish haulage companies and to ban chartered flights between Russia and Turkey with the goal of ensuring security within Russia.

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