Russian ambassador: 'Do not leave Russian markets over economic crisis'

The Russian ambassador to Turkey has called on Turkish businessmen to remain in the Russian market, despite the depreciation of the ruble, which has deeply impacted a number of Turkish investors in the country.

"Don't act with panic at the moment," Andrey Karlov, Russia's ambassador to Turkey told Hürriyet Daily News on Dec. 25, calling on Turkish investors to "not leave Russian markets," after the ruble's crash.  

Recalling that Turkish companies in particular are taking a larger share of the Russian construction market, the ambassador said, "Those who continue doing business in Russia will suffer for a while, but their losses will be compensated within a few years."

Foreign companies that flee Russia due to the current economic crisis will want to "return to the Russian market, but they will have difficulty attaining their previous standings," he said.

The market vacuum created if Turkish investors escape the country could be filled by Chinese investors, according to the envoy.

Chinese contractors are trying to access the more favorable areas in the Russian market, Karlov said, citing a project to build a bridge connecting Russia to Crimea across the Kerch Strait.

Exchange rate effects on the ruble are sure to influence economic ties between Russia and other countries, including Turkey, but Ankara and Moscow agreed to increase trade under their own national currencies rather than the U.S. dollar, Karlov said.

Crimea has economic potential for Turkey

Crimea could become a favorable economic tie between Turkey and Russia, according to Karlov, who also expressed hope that his most significant success during his tenure in Turkey would be if Turkey changed its position on the Crimean issue.
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