Turkish exports to Russia shrank 185 percent in January due to sanctions imposed on Turkey by Moscow. While Turkish exports to Russia equaled $313.3 million in January 2015, they decreased to $110 million last month.

On Nov. 24, Turkey downed a Russian warplane for violating Turkish airspace along the Syrian border and political tensions were followed by economic sanctions. The Russian government banned Turkish produce and industrial goods from entering Russia and began refusing work permits to Turkish workers in Russia.

The Russian government also called on its citizens to not travel to Turkey, which is a famous holiday spot for the cold-country's people, thanks to its warm beaches. Accordingly, the number of Russian tourists visiting Turkey plunged 46.86 percent in December to 25,485 from 47,954 in the same month of 2014.