Putin Expands Economic Sanctions against Turkey
Russian President, Vladimir Putin, has decreed that economic sanctions against Turkey will now include companies owned or controlled by Turkish citizens.
The President of Russia, Vladimir Putin, has signed a decree expanding the sanctions against Turkey. The full text of the decree has been published on the Kremlin’s website. To date, the Russian sanctions against Turkey applied only to companies located in Turkey. Now, any company controlled by a Turkish citizen, regardless of location, will fall under the sanctions as well. However, the decree provides exceptions to certain contracts with Turkish companies. The list of exceptions will be dictated by the government of the Russian Federation.
Relations between Russia and Turkey escalated after November 24th when the Turkish Air Force shot down a Russian SU-24 bomber due to its violation of Turkish airspace. One pilot died, the other managed to escape.
Shortly after this incident, Russia imposed sanctions against Turkey. As of January 1, 2016, Russian companies are prohibited from recruiting Turkish citizens. In addition, certain commodities will not be able to be imported from Turkey. Further, Russian tourists are not able to travel or vacation in Turkey.