Russia imposes new sanctions against Turkish companies

By bne IntelliNews December 30, 2015

Russian Prime Minister Dmitry Medvedev signed on December 30 a new decree imposing additional measures against Turkish companies starting from January 1, Russian news agency Sputnik reported.

According to new set of sanctions, Turkish tourism agencies, hotels and companies providing guest services are banned from operating Russia. The list of new sanctions also includes Turkish construction, architecture and lumber companies, according to Sputnik.

After Turkey downed a Russian jet near the Syrian border in November, the Kremlin imposed economic sanctions on Turkey. Russia suspended employment of Turkish workers, banned food imports from Turkey. As part of the sanctions, Russian tour operators stopped selling tours to Turkey and a ban on charter flights between the two countries were also imposed. Russia will also suspend the visa-free regime for Turkish citizens in January. Last week, Russian Minister of Construction, Housing and Utilities Mikhail Men said that the participation of Turkish companies in Russia’s construction business would be minimized starting from early 2016. Russian media also reported earlier last week that the Ministry of Industry and Trade submitted to the government a proposal for an import ban on up to 80% of Turkish manufactured goods. Russian Deputy Prime Minister Arkady Dvorkovich said on December 28 that Russian government planned to introduce new economic sanctions against Turkey.

On the contrary, Russian economy minister Alexei Ulyukayev said on December 29 that Turkey was still an important trading partner of Russia despite recent conflicts between the governments, and Moscow had no intentions to create problems for Turkish companies and citizens. Russian government aims to minimize problems for Russian and Turkish companies as a result of sanctions against Turkey, Ulyukayev also said. Russian energy minister Alexander Novak said on December 28 that Russia was ready to increase its natural gas sales to Turkey. Last week, Russian government has allowed 53 companies to employ Turkish citizens after January 1. Unnamed industry sources told Reuters on December 7 that Turkish banks active in Russia would be excluded from economic sanctions. Turkish media reported on December 29 that Russian government provided exemption from sanctions against Turkey to Turkish ready-wear retailers and brewer Anadolu Efes.

Related Articles

Erdogan says he plans talks with lenders on cutting Turkish interest rates

Turkey's President Recep Tayyip Erdogan said on October 13 that he plans to hold talks with both public and private lenders on how to lower interest rates. He did not say, however, when those ... more

Turkey's Erdogan turns fire on US ambassador in diplomatic spat over arrest

Turkish President Recep Tayyip Erdogan has turned his fire on the US ambassador to Turkey for the ... more

Turkey-based Eurasian development bank ETDB signs memo to boost return to Iran

The Central Bank of Iran (CBI) and the Turkey-based ECO Trade and Development Bank (ETDB) have signed a memorandum on strengthening bilateral ties, the CBI said on October 10. ETDB is a Eurasian ... more

Dismiss