REPORT
By Emre G├╝rkan Abay
Russia Letter, week beginning August 8

- Erdogan to meet Putin

 Tuesday’s meeting between Turkey’s President Recep Tayyip Erdogan and his Russian counterpart Vladimir Putin will be a major topic of discussion not just in Turkey and Russia, but globally.

The two leaders have not met since the crisis with Turkey’s downing of the Russian jet last November and now after eight months, they are to meet in the Russian city of St. Petersburg.

Among geopolitical topics such as the situation in Syria and activities with Daesh, economic relations between the two countries are expected to garner a lot of attention during this meeting.

Before the crisis broke out in late November, Turkey and Russia aimed to increase their bilateral trade volume to $100 billion annually, however, this has halved mainly due to sanctions imposed against Turkey.

The ban of charter flights to Turkey, sanctions on Turkish food products and talks on energy topics such as the Akkuyu Nuclear Power Plant and the Turkish Stream natural gas pipeline are expected to be topics for discussion during the meeting.

“New huge energy infrastructure is the best way to support and strengthen interstate relations for the long term period,” Aleksei Grivach, deputy director of Russia’s National Energy Security Fund told Anadolu Agency last week.

 

- Inflation under control

Meanwhile, most analysts agree that the crisis in the Russian economy still lingers. However, recent data on the country’s inflation rate revealed that the country’s financial authorities have managed to keep this under control.

According to data released by the country’s statistical institution, Rosstat, inflation in Russia has decreased from 7.5 percent in June to 7.2 percent in July.

The country’s Ministry of Economic Development predicted that yearly inflation in Russia would range between 7.2 percent and 7.4 percent.

 

08 Aug,2016

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