Following sanctions imposed earlier this year by Russia, Turkey's economy has suffered and has been working to reduce the damage in various sectors. Turkey's agriculture and construction engagements with Russia were heavily affected. Bilateral trade fell 43 percent to 6.1 billion US dollars in the period of January to May this year.

Turkey's tourism industry was worst hit, with Russian arrivals down 93 percent in June, compared to the same period in 2015.

Meanwhile, major infrastructure projects between the two countries were suspended under the sanctions. This includes the TurkStream pipeline that runs amid the two countries through the Black Sea. The pipeline was projected to have pumped nearly 32 billion cubic metres of gas per year. Turkey's first nuclear power station "Akkuyu" was also affected.