On May 22, 2017 the Governments of Russia and Turkey signed a statement on uplifting of mutual restrictions in foreign trade. Relevant document was signed by Deputy Prime Minister of the Russian Government Mr. A. Dvorkovich and Deputy Prime Minister of the Turkish Government Mr. Mehmet Simshek.
Relevant statements are available at the web-site of the Russian Government at: http://government.ru/news/27756/and http://government.ru/news/27759/ (available in the Russian language).
There have been no official documents issued yet. According to official statements of the Russian Government, in order to start implementing the above agreement, Russia has been waiting for relevant steps to be made by Turkey first (i.e., Turkey applies certain limitations in trade toward Russia).
Russia imposed foreign trade restriction against Turkey back in November 2015. Currently Russia applies a food product import ban for certain specifically listed items of food products origination from Turkey and maintains restrictions in the sphere of labor for Turkish citizens (subject to certain exceptions) and provision of certain specifically listed works and services for companies that are under Turkish jurisdiction (e.g., construction, architecture, public procurement, etc.).
According to official statements in press, Russia and Turkey could still maintain certain limitations in mutual trade (particularly, Russia would likely preserve import limitations for certain food products, including tomatoes).
For additional information, contact Ross L. Denton of our London office.
