Russian Prime Minister Dmitry Medvedev said on Wednesday the downing of a Russian warplane by Turkey could result in scrapping some important joint projects.
As a result, Turkish companies could lose Russian market share, Medvedev said in a statement published on the government website.
The Russian military announced Wednesday that the country's military contacts with Turkey will be terminated.
In a statement posted on the official website of Russian Defense Ministry, the chief of the Main Operational Directorate of the General Staff of the Russian Armed Forces, Lt.Gen. Sergei Rudskoy, said: "Contacts with Turkey will be terminated at the military level".
"Air defense will be reinforced. For that purpose, the Moskva cruiser equipped with air defense system Fort, analogous to the S-300 one, will go to the shore zone of Latakia [in Syria]," he added.
The Russian Defense Ministry warned that all potentially dangerous targets will be destroyed.
A Russian fighter jet was shot down Tuesday morning by the Turkish Air Forces as part of the rules of engagement and violation of airspace in the Kızıldağ region near Turkey's Hatay province close to the Syrian border.