Russia and Turkey: Resetting Economic Partnership

Authors : Nigyar R MASUMOVA

Pages : 33-50

View : 17 | Download : 6

Publication Date : 2018-10-07

Article Type : Research Paper

Abstract :Russian-Turkish economic relations,  which were plagued by the global economic  downturn as well as Russia’s economic  sanctions against Turkey in  retaliation  for the downing of a Russian fighter jet,  are now recovering. Prior to these events,  Russia and Turkey had enjoyed close  economic ties since the collapse of the Soviet  Union. Indeed, before the global economic  crisis, bilateral trade between Russia and  Turkey had been growing rapidly; foreign  direct investments were increasing, the  annual number of international tourists  was on the rise, and cooperation in the  field of energy was deepening. This article  analyzes the current state and prospects  of Russian-Turkish economic relations  and concludes that the two countries are  natural partners and should  develop  their economic cooperation despite several  difficulties.
Keywords : Russia, Turkey, Energy Cooperation, Bilateral Trade, Pipelines, TurkStream