In the past two years, the Russian government has introduced sanctions against a number of countries, including the U.S., Australia, the EU member states, and now Turkey. Why is Moscow restricting imports and how is this embargo affecting Russia itself? Authorities removed 44.8 tons of banned goods from stores in the first half of 2015 and are destroying sanctioned products seized at the border. Source: Ria Novosti/Viktor Tolochko In August 2014, Russia introduced sanctions for the first time in modern history, responding to measures against Moscow undertaken by certain countries because of its role in the Ukrainian crisis. The EU and the U.S. took action. Read more...
As Moscow responds to the incident with the downed Russian Su-24 bomber by imposing economic restrictions on Turkey in various sectors, the Turkish economy faces potential losses of at least $20 billion, predict Russian analysts. Turkish security officers stand behind barriers at a beach as they secure the summit zone ahead of the G20 summit in Belek in the Mediterranean resort city of Antalya, Turkey, Nov. 14, 2015. Source: Reuters Turkish Vice Premier Mehmet Simsek has estimated Ankara’s losses from its current tensions with Russia at $9 billion a year. He predicts that in the worst-case scenario,Russian sanctionswill cost Turkey 0.4 percent of its GDP,. Read more...
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