FX.co ★ Russia and Turkey open “new page” in relations

The presidents of Russia and Turkey aim to relaunch close economic relations. The Russian nationals are bewildered by extreme swings in the Kremlin’s rhetoric. The Russian-Turkish relations soured last November when Turkey’s air force shot down a Russian fighter jet on the Syrian border. The act was described by President Putin as a “stab in the back”. In response, Russia imposed economic sanctions on Turkey, in particular cancelled package tours to Turkish resorts, placed a food embargo, and suspended two major joint projects: the gas pipeline across the Black Sea and the nuclear plant.

Turkish President Recep Tayyip Erdogan sent a letter of apology to Vladimir Putin. In early August, the two leaders were shaking hands at the meeting in St. Petersburg after months of the angry rhetoric. "The priority is to get back to the pre-crisis level of co-operation," Vladimir Putin welcomed his Turkish counterpart. Citing Recep Erdogan, "the Moscow-Ankara friendship axis will be restored".

At the meeting in St. Petersburg, both leaders pledged to restart the large-scale projects. Russia decided to resume package tours, an important source of income for Turkish reports. Russia’s ban on food imports could be lifted by the end of this year.

Nevertheless, Western experts view the relationship between the two countries as a tricky one. Indeed, for centuries Russia and Turkey have been rivals for influence in the Caucasus and Black Sea region. They back opposing sides in Syria.

On the Syrian conflict Mr. Putin acknowledged big differences with Mr. Erdogan, but said "we will look for solutions".