Russian sanctions on Turkey set to hit terminals

Four days after Turkey shot down a Russian warplane, Russia has announced the implementation of punitive economic sanctions on Turkey which are likely to affect the container industry.

Citing national security and the “protection of Russian citizens against criminal and other illegal acts”, President Vladimir Putin signed a decree outlawing unspecified imports from Turkey, banning charter flights from Russia to Turkey, and stopping or limiting economic activities of Turkish firms and nationals.

According to Andrey Naraevskiy, director of business development at the Russian container transportation company Ruscon Ltd, Turkey is one of Russia’s major trade partners with an annual turnaround of around US$50bn per year.