Russian Prime Minister Dimitri Medvedev on Saturday signed a decree for the continuation of commercial and economic relations with Turkey. The decree for the continuation of middle-term commercial, economic, scientific and cultural collaboration with Turkey until 2019 has come into effect, according to a statement the Russian government's press office released on Saturday.

The statement also suggests that negotiations for the establishment of a common fund to finance investment projects in Russia and Turkey will resume.

Relations between Moscow and Ankara greatly deteriorated in November 2015 after Turkish jets downed a Russian Su-24 bomber near the Syrian border for violating Turkish airspace. Moscow followed with harsh steps, imposing economic sanctions on Turkey ranging from the sale of tour packages to Turkish food imports. President Recep Tayyip Erdoğan sent a letter to Russian President Vladimir Putin to celebrate Russia Day, the national holiday of the Russian Federation. The letter was considered an important step to normalize the broken ties between the two countries. Following this, in late June, Putin signed a decree lifting restrictions on Russian tour firms working in Turkey as well as eliminating other sanctions. Medvedev announced that Russia will remove the economic sanctions against Turkey "on a gradual basis."