www.youtube.com/murdikar007 Russian Airstrikes in Raqqa, Damascus & Latakia- Syria.
Russia could hurt Turkey's economy
Russia and Turkey have a raft of strategic and commercial trade deals in place which could be at risk as the diplomatic row over Turkey's downing of a Russian warplane continues.
Geopolitical tensions between Russia and NATO member Turkey have risen this week after a Russian SU-24 warplane was shot down by a Turkish F-16 fighter jet on Tuesday. Turkey said the jet was in Turkish airspace and ignored warnings to leave, Russia denies this.
Since the incident a war of words has broken out between the two countries over who was at fault and Russia has threatened to retaliate on an economic level.
Blue Mosque Istanbul Turkey
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On Wednesday, Russian Prime Minister Dmitry Medvedev said Turkey's actions could result in the scrapping of joint projects and that Turkish companies could lose Russian market share.
On Thursday, Medvedev appeared to harden his stance against Turkey, ordering the government to draw up measures which could include freezing some joint investment projects with Turkey, Reuters reported. These could also include restrictions on food imports, he said.
Erdogan responded by saying such talk was "emotional" and "unfitting for politicians," Reuters reported. He added that he was saddened by such statements from Russia.
Read MoreRussia turns on Turkey in retaliation for downed jet
This could be significant for both countries, Turkey is Russia's second most important trading partner after Germany and, if Russia goes ahead and cuts economic ties, both countries will feel the effects, analysts warn.
CNBC looks at the economic ties that bind Russia and Turkey and the potential impact of the relationship going sour.
A number of major bilateral trade and infrastructure deals between Turkey and Russia that could be affected, including the proposed construction of a gas pipeline between the two countries, as well as the Akkuyu nuclear power plant.
Russia's economy minister singled out the TurkStream gas project on Thursday, as he discussed plans to halt preparations for a free trade zone with Turkey, Reuters reported.
As one of Russia's largest customers when it comes to energy -- Turkey imports 55 percent of its natural gas from Russia and 30 percent of its oil – any damage to these infrastructure deals could be significant, according to one Turkish academic.
"Turkey has close strategic ties with Russia in terms of energy relationship with Russia, so it may be that the Turkish Stream project as well as the nuclear energy project – which is going to be constructed by the Russians -- could be affected," Professor Gurkan Kumbaroglu from Bogazici University's department of engineering, told CNBC Thursday.
"Now all these projects are uncertain because of this incident," he added. Although Kumbaroglu did not believe gas supplies would be affected in the short-term, he feared for the longer-term projects: "In the longer term those strategic projects may be affected and these projects are actually to the benefit of both countries."
He urged the leaders of Turkey and Russia, President Recep Tayyip Erdogan and President Vladimir Putin, to "stay calm and consider the benefits of the cooperation of the two countries."
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Russia is one of Europe's largest gas provider and whenever a diplomatic spat occurs between it and its western neighbors, you can bet that Russia will attempt to use its energy (and specifically, its gas) supply, as leverage.
It has done so with Europe before, threatening to cut gas supplies to the region, and more recently with its neighbor Ukraine, with whom it is engaged in a bitter regional conflict.
Following the downing of the Russian jet on Tuesday, Russia's state tourism agency, Rostourism, wasted no time in recommending suspending sales of tour packages to Turkey following the incident.
According to the latest statistics from Russia's Federal Tourism Agency, 3.6 million Russians visited Turkey in the first nine months of 2013, making it one of the most popular tourist destinations.
Going one step further, Russia's foreign ministry also recommended that Russian citizens do not visit Turkey at all.The economy ministry also said it could restrict air travel to the country, which could land a blow on Turkey's economy that largely relies on tourism.
According to research by the World Travel and Tourism Council (WTTC), travel and tourism generated, either directly or indirectly, $96 billion of Turkey's GDP (gross domestic product) in 2014. The tourism industry also sustained a total of 2.1 million jobs in Turkey, employing more people than the mining, chemicals manufacturing, automotive manufacturing, financial services, and banking sectors, the WTTC said.