MOSCOW, May 3. /TASS/. Trade between Russia and Turkey declined by 32% last year to $15.8 billion, according to the materials prepared for a visit by Turkish President Recep Tayyip Erdogan to Russia on Wednesday.

"The Russian-Turkish trade fell by 32% to $15.8 billion last year," the materials say.

In January-February 2017, bilateral trade equaled $2.48 billion compared to $2.43 billion in the same period last year.

Turkey ranks eighth in the list of Russia’s foreign trade partners and accounts for 3.4% of Russian foreign trade.

As was reported earlier, Erdogan considers it necessary for Russia to lift trade restrictions against Turkey to finally normalize bilateral relations. This is what Erdogan said before his departure for Sochi where he will meet with Russian President Vladimir Putin.

Erdogan said the restrictions imposed by Russia were the main obstacle on the way of effectively developing bilateral trade relations. According to Erdogan, the lifting of restrictions is the main condition for reaching $100 billion bilateral trade.