Gaidar Institute, Russian Academy of National Economy and the All-Russian Academy of Foreign Trade prepared an analytical review "Monitoring of the economic situation in Russia." In accordance with its conclusions, the success of the embargo on the supply of Turkish products is extremely small.
According to the economic report, due to devaluation of the ruble there was a rapid rise in price of imported goods and, at the same time, a sharp drop in domestic demand. Such business is not profitable for importers.
However, the effect of sanctions on the economy of the Republic appeared barely noticeable. In Turkey, only manufacturers and suppliers of cucumbers were affected having not found other markets. But suppliers of tomatoes and other vegetables were able to shift to other markets (Belarus and Azerbaijan).
Among other things, the analytical report emphasizes that the products imported to Russia from other countries turned out to be more expensive than the Turkish ones.
Just a reminder: January 1, 2016, the Russian Federation banned imports of some fruits and vegetables from Turkey. The embargo was introduced after the Turkish Air Force shot down a Russian Su-24, participated in a special operation in Syria.
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