Yesterday's news that Turkey had shot down a Su-24 Russian fighter jet has shocked the world. My thoughts were nothing short of "what a silly thing for Turkey to do".
President Putin warned Turkey of serious consequences adding :
"Our pilots and our plane never threatened Turkey in any way - this was an obvious fact. "They were conducting an operation to fight ISIS".
"Today's loss is a stab in the back by accomplices of terrorists and today's tragic event will have serious consequences for Russian - Turkish relations."
Mr Putin hit back further stating "We have always treated Turkey not only as a close neighbour but as a friendly state."
The possible threat to Turkish tourism industry and the economy regarding "serious consequences for Russian - Turkish relations."
Russian Foreign Minister Mr Lavrov has aready advised Russians not to visit Turkey and Russia's tourism agency followed this by recommending the suspension of package holidays to Turkey. Given that in 2014 around 4.4 million Russians visited Turkey, if the advice above is taken on board by Russian citizens this could be a very serious blow to turkey's tourism industry as well as its economy.
Other facts:
- Four percent of Turkey's exports go to Russia worth about 6 billion US Dollars.
- Russia supplies oil toTurkey.
- Turkey buys a large amount of steel from Russia.
Clearly from the above facts, Russia has the tools to hurt Turkey's economy including the value of the Turkish Lira if they choose to do so.
Today's Best Turkish Lira Rate Figures Taken from our Trusted Currency Rate Calculators:
Today's Best Lira Travel Money Rate offered by Travel FX
£1000 buys 4,238 Turkish Lira at a rate of 4.238
Bank to Bank Overseas Payment / Money Transfers Rate
Best rate offered by Moneycorp - £10,000 buys 43,150 Lira at a rate of 4.315
Update 30/11/2015
Russia announce santions against Turkey to include a ban on Russian Tourists visiting the country. Other sanctions include restrictions on Turkish workers and Turkish import restrictions - http://www.theguardian.com/world/2015/nov/28/vladimir-putin-calls-for-greater-sanctions-against-turkey
Whats proping up the strengh of the Turkish Lira?
3 billion Euros offered to Turkey to help with the refugee crisis and a dangled carrot to accession to the European Union. http://www.bbc.co.uk/news/world-europe-34957830
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