Cost of Russian crisis continues to rise

Economic sanctions imposed by the Kremlin after Ankara shot down a Russian warplane last year have begun to take their toll on Turkey's economy, with the country's set to lost upwards of $8.3 billion in 2016After Turkey shot down a Russian war plane along the Syrian border on Nov. 24, 2015, the Russian administration decided on a series of economic sanctions against Turkey. Just three months on, this package is already starting to bite Turkey. 

In a decree issued by the Kremlin toward the end of November 2015, certain goods from Turkey were restricted and all touristic trips to Turkey were suspended. 

Mega energy projects in the energy sector were also mentioned among the economic sanctions but no official decisions have yet been made. 

Exports 

The first wave of economic sanctions was expected to affect Turkey's exports to Russia and the tourism revenue from Russian tourists - expectations that were born out by reality. The losses from these sectors have started affecting Turkey's economy. Tourism in Antalya and certain Aegean provinces, as well as agricultural produce earmarked for export have all been negatively affected by the embargo.

Russia's share in Turkish exports was increasing until 2008; it decreased during the crisis but caught up again. In 2013, it reached $7 billion, 4.6 percent of Turkey's total exports. In 2014, it had fallen to 3.8 percent and $5.9 billion. In 2015 it went down to 2.5 percent at $3.9 billion. Overall during this period, Turkish exports to Russia dropped almost 40 percent. 

In 2014, at $25.2 billion, imports from Russia corresponded to 10.6 percent of total imports. In 2015, the share went down to 10 percent with $20.4 billion. In this, the fall in world energy prices...