(Daily Sabah)—Desperate Russia eases sanctions on Turkish firms—The Russian government has launched draft legislation concerning the exemption of some Turkish firms from sanctions previously imposed on Turkish imports following the downing of a Russian jet by Turkey for violating its airspace. According to the draft legislation on the Russian government's website, some rules will be determined with a view to foster trade with Turkish firms and narrow the scope of sanctions imposed on Turkish imports. This decision is thought be in response to the reality that the bans imposed on Turkish goods have put upward pressure on the Russian inflation, which had already been following an increasing trend. […]
The Russian economy cannot replace what Turkey exports, commented Stanislav Tkachenko, professor in the International Relations Department of St. Petersburg State University (Russia) in a note published on Russia Direct on Nov. 26. "The structure of bilateral trade clearly benefits Russia more than Turkey," Tkachenko wrote. "In 2014, Turkey ranked fifth among Russia's partners in terms of exports ($25 billion of mainly natural gas, metals and agricultural products). At the same time, Russia buys products from Turkey that it needs for its economy (machinery, equipment, textiles, building materials, food) that cannot be replaced overnight with Russian substitutes." The economic cost of severing ties with Turkey could exceed $30 billion, and for some sectors of the Russian economy (energy, metallurgy) it would be a heavy blow, Tkachenko said. "The fragile shoots of economic growth in Russia, after nearly a year of recession, would be torn out of the ground," he added. […]
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