2024 Author: Jasmine Walkman | [email protected]. Last modified: 2023-12-16 08:29
The ripe conflict between Russia and Turkey looks set to affect the value of food in the Russian Federation. The cause of the conflict was the downing of a Russian fighter jet by Turkish authorities on November 24th.
In response, the Russians took some action. Just four days after the incident, Russian President Vladimir Putin issued a decree imposing an embargo on imports of some Turkish goods. It also tightened controls on food imports from Turkey and banned Russian employers from certain sectors from hiring Turkish citizens.
Meanwhile, even before the official adoption of the decree, the media reported that the suppliers were facing problems at customs points. Even now, Bulgarian, Romanian, Kazakh and Moldovan trucks with Turkish goods are blocked at the Russian border.
A jump in food prices in Russia is not ruled out if imports from Turkey are not replaced quickly. With such important changes in the volume of imports has an impact on both trade and the volume of food products, said Russian Deputy Minister of Economic Development Oleg Fomichev, quoted by TASS.
Fomichov did not hide, however, that at the moment the possibility of rising prices is not very great. During the Russian Economic and Financial Forum in Dubai, the Russian Deputy Minister of Economic Development explained that Turkey is the country's fifth largest trade and economic partner. For this reason, the imposed changes will have an impact on the macroeconomic indicators of the country.
After the downing of the Russian plane by the Turks, relations between Moscow and Ankara significantly deteriorated. The visa-free regime with Turkey was lifted, and tour operators were urged not to operate on Turkish territory. It was also rumored that major joint projects between the two countries would be suspended.
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