More than half of Turkish businesses surveyed report no effect from Russian sanctions

More than half of Turkish businesses surveyed report no effect from Russian sanctions
Russian-Turkish trade fell by between 19-25% in 2015
By Henry Kirby in London February 11, 2016

Over half of Turkish businesses claim to be unaffected by recently imposed Russian sanctions, a poll has found.

8,000 Turkish business were interviewed by the human resources website Eleman.net about their company strategies for 2016. 52.2% of respondents said that they remain unaffected by sanctions imposed by Russia following Turkey’s downing of a Russian military jet on November 24.

Russian sanctions on charter flights and tourist visits to Turkey are predicted to leave a shortfall of 4.5mn visitors in 2016, or roughly 12% of the total 36mn that visited in 2015.

This, combined with continuing civil unrest caused by violent confrontations between Turkish armed forces and the outlawed Kurdistan Workers’ Party (PKK) as well as a spate of suicide bombings, could have a marked effect on Turkey’s already negative current account, as tourism makes up 11% of Turkey’s $800bn economy.

The raft of sanctions from Russia also include a ban on a number of Turkish exports including certain fruit and vegetables, and poultry. TUSES, an Istanbul-based think-tank, calculates that the Russian sanctions could cost Turkey as much as $11bn.

Data from various Russia-based sources suggest that Russian-Turkish trade fell by nearly 25% in 2015 to $23bn.

Data

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss