Russian sanctions could cost Turkey $9bn, says deputy PM

Russian sanctions could cost the Turkish economy as much as $9bn, the country’s deputy prime minister Mehmed Simsek has told the Turkish television channel NTV, adding that his government was still hopeful of de-escalating the tension caused by the shooting down of a Russian plane over Syria late last month.The financial damage caused by  Russia’s ban on Turkish food imports is estimated at $4bn, with the ban on tourist package tours to Turkey also set to inflict substantial losses.