Russia’s central bank: Sanctions on Turkey to add 0.2-0.4 p.p. to inflation rate in next months

The Russian Central Bank said on Wednesday that government measures banning a series of products from Turkey may add between 0.2-0.4 percentage points to the inflation rate by the end of the year and in early 2016.

On Monday, Russia approved sanctions as of Jan. 1 against Turkey in retaliation for the downing of a Russian warplane. The ban includes mainly foodstuff.

“Much will depend on the speed and efficiency of organising alternative supply of the banned import products,” the central bank said in a statement.