Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Russian minister: Turkey remains important trading partner despite spat

Published 29/12/2015, 15:59
© Reuters. Russian Economy Minister Ulyukayev attends a meeting of the BRICS finance and trade ministers in Moscow

MOSCOW (Reuters) - Turkey remains an important trading partner for Russia, and Moscow aims to minimise problems for Turkish and Russian businesses caused by sanctions, Russian Economy Minister Alexei Ulyukayev said on Tuesday.

His comments, playing down the impact of recent economic sanctions introduced as retaliation for Turkey's shooting down of a Russian jet, suggest that Russia is eager to prevent sanctions harming Russia's own economy.

"Turkey remains our large trading partner. Our embargo is selective, very selective, concerning food and only certain (items)," Ulyukayev said in an interview with Russian state television.

"They are designed in a way so that existing contracts won't be violated. Here we are for the time being very cautious. We don't want to create problems for Turkish business, and even less for our own business and citizens."

Relations between Moscow and Ankara soured last month after a Turkish warplane shot down a Russian jet bomber near the Syrian-Turkish border. Russia denied it had violated Turkish air space.

Following the incident, Russia introduced economic sanctions against Turkey. These included banning the import of Turkish fruit and vegetables, bird meat and salt, and the sale of charter flights and tourist visits to Turkey, from January 1.

Ulyukayev's comments come a day after President Vladimir Putin signed a decree that widened the sanctions to include companies controlled by Turkish citizens even if the companies did not fall under Turkish jurisdiction.

© Reuters. Russian Economy Minister Ulyukayev attends a meeting of the BRICS finance and trade ministers in Moscow

At the same time Putin also ordered his government to draw up a list of exceptions to the sanctions, giving Russia leeway to continue doing business with Turkish companies if it thinks Russia would benefit.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.