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USA: Russian sanctions to cost Turkey around $3.1 billion02:04

USA: Russian sanctions to cost Turkey around $3.1 billion

United States, Washington DC
January 7, 2016 at 18:58 GMT +00:00 · Published

Turkish Deputy Prime Minister Mehmet Simsek said that the Russian imposed sanctions on his nation could cost, as a base case scenario, about $3.1 billion (€2.85 billion), speaking during a Turkish foreign policy conference in Washington DC, on Thursday.

Simsek stated that "the fallout from this conflict with Russia is likely to be as a base case scenario about 3.1 million dollars" which the Turkish politician described as "insignificant" due to the estimated $700-$800 billion (€643-€735 billion) Turkish annual gross domestic product (GDP).

The Turkish deputy prime minister also noted that "the goods that we sell to Russia are sellable to anywhere else because they apply to other markets and no other country can cover Russian demand in such a quick fashion. So they buy from somewhere else, we sell it to somewhere else."

The Russian government imposed sanctions on Turkey following the downing of a Russian Su-24 jet in November.

USA: Russian sanctions to cost Turkey around $3.1 billion02:04
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Turkish Deputy Prime Minister Mehmet Simsek said that the Russian imposed sanctions on his nation could cost, as a base case scenario, about $3.1 billion (€2.85 billion), speaking during a Turkish foreign policy conference in Washington DC, on Thursday.

Simsek stated that "the fallout from this conflict with Russia is likely to be as a base case scenario about 3.1 million dollars" which the Turkish politician described as "insignificant" due to the estimated $700-$800 billion (€643-€735 billion) Turkish annual gross domestic product (GDP).

The Turkish deputy prime minister also noted that "the goods that we sell to Russia are sellable to anywhere else because they apply to other markets and no other country can cover Russian demand in such a quick fashion. So they buy from somewhere else, we sell it to somewhere else."

The Russian government imposed sanctions on Turkey following the downing of a Russian Su-24 jet in November.

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