The Russian sanctions announced by President Vladimir Putin on Saturday could have a severe impact on the Turkish economy. It is not clear whether President Tayyip Erdogan and Prime Minister Ahmet Davutoglu did not expect this severe a reaction to the shoot-down of a Russian fighter jet, or whether they believe that Turks will rally around the flag and gladly suffer the economic consequences.
In retrospect is seems clear that Erdogan was extremely vulnerable to a Russian economic boycott, which has now begun. Turkish growth in gross domestic product was expected to accelerate from 3% per year now to 4% per year in 2017, an expectation that may now have been foiled.
Putin had some 90,000 Turkish workers in Russia fired, and more or less forbade Russian tourism in Turkey beginning Jan. 1.