The Russian plane shot down by the Turkish air force Nov. 24 has brought President Recep Tayyip Erdogan and Russian President Vladimir Putin into serious confrontation. The economic warfare that began shortly afterward has been inflicting heavy damage on Turkey ever since.
At the outset, Turkish politicians seemed unconcerned about possible effects of the political crisis on the economy. Back then, while Mehmet Simsek, the deputy prime minister responsible for Turkey's economic policies, stated that Russian economic sanctions would not have any — or at least only limited — effect on the economy. Erdogan was trying to ignore any such economic effects by saying that nothing would happen, even if natural gas were to be cut, because Turkish citizens are used to coping with difficulties.