Russian sanctions may cost Turkey $20 billion

Russian sanctions may cost Turkey $20 billion

The deputies of the Turkish parliament from the Republican People's Party (CHP) have calculated potential losses from the Russian sanctions, reports with reference to the Hurriyet Daily News.

The Turkish province of Antalya will lose $6.5 billion due to the deterioration of relations with Russia, cited the ex-mayor of Antalya, MP Mustafa Akaydın as saying.

Antalya has already lost some 25% of its tourism income over this year due to a decline in the tourist flow from Russia, but the recent crisis will negatively affect the whole country, the deputies of the Turkish Parliament said.

"Turkey has obtained around $6 billion in export revenues and $7 billion in tourism revenues from Russia. There is also extensive suitcase trade traffic between the two countries. Turkey’s suitcase trade volume has already declined from $8.5 billion in 2013 to $6 billion in 2014. Turkey could lose up to $20 billion a year, which is 3% of its GDP, if the crisis with Russia escalates,” CHP Antalya deputy Çetin Osman Budak said.