Oil Prices Hit 5-Month Highs
In the oil market, the upward trend continues at the beginning of the new week, with prices rising to nearly 5-month highs due to increasing geopolitical risks related to supply disruptions
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Russian President Vladimir Putin signed on Saturday a decree introducing a set of economic sanctions against Turkey.
The sanctions come in response to the downing of the Russian Su-24 warplane by Turkish F-16 fighter jets on the Turkish-Syrian border on Tuesday.
The decree foresees bans on or restrictive measures against imports of certain goods originating from Turkey in line with the register approved by the Russian government.
The decree also imposes bans or restrictions on Turkish organizations to conduct certain types of activity within Russia in line with the register drafted by the Russian government.
The government is instructed to draft registers for relevant goods and services, TASS news agency informs.
Furthermore, the decree suspends employment of Turkish nationals starting from 1 January 2016.
Russian Prime Minister Dmitry Medvedev informed the government on Thursday on the intention to impose restrictions on Turkey and freezing some joint projects.
In addition, Putin signed a decree ordering a ban on selling Russian nationals tours and related services linked to visits to Turkey.
The Russian government is instructed to adopt measures on a ban on chartered flights between Russia and Turkey,
The relations between Moscow and Ankara have deteriorated this week following the shooting down of the Su-24 bomber.
Turkey claims that the Russian airplane had violated Turkish airspace and was warned ten times before being downed by Turkish fighter jets.
Russia maintains that the aircraft stayed exclusively within Syrian airspace and no warnings were issued by Turkey.
The two Russian pilots managed to eject themselves, but one of them was killed midair by gunfire from the ground. The second pilot was rescued and taken to a Russian airbase.
Shortly after the incident, Russian Foreign Minister Sergey Lavrov advised fellow nationals to refrain from travelling to Turkey, with Ankara responding with a similar recommendation several days later.
Among the other sanctions foreseen by Russia is a suspension of the visa-free travel regime with Turkey starting from the beginning of next year.
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