Moscow lifts ban on some Turkish agricultural imports

The Russian government lifted a ban on some food imports from Turkey Tuesday in the latest sign of warming ties with Ankara after sanctions were imposed last year after Turkey downed a Russian warplane that violated its airspace near the Syrian border.

Russian President Vladimir Putin announced the decision to end the ban on imports Monday during the World Energy Congress in Istanbul where the two countries agreed to build an undersea gas pipeline to Turkey. "Today, the Russian government made a decision. We are reopening many restricted Turkish exports. We will accept citrus fruits and other fresh fruit especially and vegetables and agricultural products to the Russian market. It is a decision based on mutual advantage... because the Russian agricultural sector does not produce these types of products. When these products will be exported from Turkey to Russia, our prices will go down," Putin said.

A government decree said Russia has lifted the ban on imports of fresh and dried oranges, tangerines and other citrus fruit, as well as apricots, peaches and plums. Both sides have since made significant progress in mending relations and agreed to revive trade relations in July after President Tayyip Erdoğan expressed regret over shooting down a Russian plane.

Turkey a major trade

partner for Russia

Russia has been going through hard times due the decline in oil prices, Western sanctions and the slump in capital inflow into the country. This being the case, Turkey is a major trade partner for Russia, whose exports to the country amount to more than $25 billion annually. The foreign trade volume between Turkey and Russia soared from $26.2 billion in 2010 to $31.2 billion by the end of 2014 - a 17.3 percent upsurge. In 2014, Turkish companies invested more than $10 billion in Russia, with the tourism, construction, food, home appliances and banking sectors taking the lead. Turkey functions as a major market that enables Russia to access global markets. Russian Sberbank, which entered the Turkish market by purchasing DenizBank in 2012, currently operates in the banking sector.