Turkey to lose tens of billions of dollars after shooting down Russian plane

A number of large-scale projects between Russia and Turkey will possibly be canceled on account of the recent events. Turkey may suffer billions of dollars in losses after it shot down the Russian Su-24 warplane above Syria on November 24. 

According to the Kommersant newspaper that refers to sources at the presidential administration, Moscow will take tough actions to respond. 

Russia is terminating military cooperation with Turkey completely. Joint commercial projects will be closed down as well. Final solutions will be developed as a result of expert consultations. Russia's Gazprom will have to assess the feasibility of building the Turkish Stream pipeline - the company had signed the memorandum of building the pipeline with Turkish company Botas. 

According to the publication, for the time being, it goes about the termination of gas supplies to Turkey. Presently, Ankara is the second largest consumer of Russian natural gas.

At the same time, Turkey could technically affect the supplies of Russian oil through the Black Sea straits, such as the Bosporus and the Dardanelles. Russia is currently using the routes to deliver fuel to Hmeymim airbase in Syria, where Russian aircraft is stationed.

However, according to newspaper's sources, such a scenario is unlikely, as Ankara has the right to close the straits only in case of direct war. 

Turkey's 22-billion-dollar contract with Russia for the construction of Akkuyu nuclear power plant is in jeopardy. 

Until recently, Turkey was Russia's fifth largest trade partner. For example, at the end of 2014, Russian-Turkish contracts totaled 44 billion dollars.

On November 24, a Turkish fighter jet shot down the Russian Su-24 at the time when the plane was returning to its base in Syria. Turkey claimed that the Russian plane violated Turkish airspace, but did not provide any proof for that. According to Russian officials, the Turkish side did not even try to contact the Russian pilots prior to firing a missile at the Russian jet. 


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Author`s name: Editorial Team