Russia Retaliates: Putin Reveals Sanctions Against Turkey
While many in The West had hoped for a “see, we told you so” strongman military response from Vladimir Putin, it appears the Russian leader has, for now, taken a more practical approach. The wide-ranging sanctions unleashed on Turkey (by its 2nd largest trade partner) include a ban on Turkish workers (with estimates that 90,000 will be fired by Jan 1 2016), restrictions on imported goods and services provided by Turkey, and scraps visa-free travel and bans charter flights (implicitly hurting a major part of Turkey’s domestic industry). Finally, Putin calls for “strengthening of port control and monitoring to ensure transport safety,” hinting at the fears many have voiced over whether Turkey shutting the Bosphorous in an escalation would be seen as an act of war.
Russian President Vladimir Putin has signed a decree “On measures to ensure Russian national security and to protect Russian citizens from criminal and other unlawful actions and the application of special economic measures with respect to the Turkish Republic,” the Kremlin press office said on Saturday.The decree introduces temporary ban or restrictions on import by Russia of certain types of goods, whose country of origin is Turkey, which are stipulated in the list determined by the Russian government (except the good imported for personal use in an amount permitted by the law of the Eurasian Economic Union).
The decree also bans or restricts organizations, which fall under the Turkish jurisdiction, from providing certain types of services in Russia, which are stipulated in the list determined by the Russian government.
In addition, employers and contractors of services which are not stipulated in the list determined by the Russian government, are banned, starting from January 1, 2016, from employing Turkish citizens who were not employed or contracted by such employers and contractors as at December 31, 2015.
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Here’s why this will hurt Turkey (and its now non-independent central bank)…
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