The Impact of Sanctions against Russia on the Economic Situation in Turkey

Turkey's economy is closely linked to Russia's. Economic and trade relations are the driving force of Russian-Turkish relations. These relations include Turkish companies operating in Russia, large sums that Russian tourists spend at Turkish resorts, cooperation in the war in Syria, although not without problems, Turkey's purchase of Russian S-400 anti-missile systems. Despite close economic cooperation with Russia, Turkey is simultaneously looking for ways to eliminate dependence on Russian energy resources. The conditions in which Russia finds itself increase economic interest in Turkey. The Ukrainian conflict has led to a change of focus on Turkey in the field of tourism, energy, food, exports, real estate. The departure of many world brands from the country opens up new horizons in trade between Turkey and Russia. Turkey itself is preparing to expand its presence in the Russian market. The sanctions imposed against Russia caused a global increase in energy prices, which accelerated inflation in Turkey. In the struggle to maintain the lira exchange rate, the Central Bank of the country spent a significant part of its reserves. The rise in food prices has become painful for Turkey, as it buys wheat, corn, and sunflower oil from Russia and Ukraine. Due to the incessant increase in prices and tariffs, the real wages of the population are depreciating, the financial crisis is deepening, and unemployment is growing. In turn, Russia may impose economic sanctions against Turkey, including stopping tourism and agricultural imports in the event of Ankara's military support for Kiev