All you say is well and good.
But numbers or percentages can be deceiving. Turkey is overall only one single big trading partner of Russia, and the reverse is true as well. In fact, overall, the difference between imports and exports as far as both Turkey and Russia’s top 10 trading partners are concerned is only just about 1.5% strictly between Russia and Turkey, themselves.
Moreover, it is Sector-specific.
Sanctions, in tourism won’t impact Russia as much as it will impact Turkey. In agriculture and food as well, Russia can replace its Turkish imports quite easily. Even in Turkish construction sector which fairly well dominates in Russia, Russian companies can easily take over Turks.
The mutually lucrative trade between Turkey and Russia is in Energy sector, natural gas, crude, refined products, coal, plus the nuclear plant Russia is building in Turkey. It can hurt them both.
In other sectors like media, financial services, Turkish economy is fairly well Russian owned.
All in all, it depends how sanctions are imposed. But this tit for tat I agree won’t go too far. There are mutual dependencies, hence the fact that they had mutual agreement to allow travel without pre-entry visa requirements or restrictions.
One of the biggest aces up Turkey’s sleeve and they know it too, is they want to have their cake and eat it too. They got NATO protection by being in NATO; yet they have lucrative trade deals with Russia at the same time. Milking both sides as they can. Not to mention that Erdogan is an Islamist, playing all sides and against each other when it suits him.
That's the way the real world works. Did you ever wonder why Europe was so supportive of the Iran deal? Follow the money.
Iran seeks $30bn of new oil contracts
Iran has overhauled the way in which it offers contracts to foreign energy companies in a bid to attract up to $30bn of new investment.
The terms of the new oil contracts will be more favourable to foreign investors, who will be allowed a greater stake in long-term profits.
Iran is gearing up for the lifting of sanctions following the nuclear deal with six world powers in July.
The country has some of the biggest oil and gas reserves in the world.
The new contracts were announced at a conference in Tehran attended by many of the world's major energy companies, including BP, Shell, Total, Statoil and Sinopec. There were, however, no US companies present.
The energy majors are keen to exploit Iran's abundant reserves of oil.