Implications for the future of EU-Turkey relations
In the wake of the Russian invasion of Ukraine, Ankara has so far hedged its bets and protected its economy and security interests. Turkey has over the years become Ukraine’s largest foreign investor. In early February, the two countries signed a free trade agreement. Ukraine is also an important market for Turkish drones, and Ankara is eyeing Kyiv for cooperation in defense technology. Meanwhile, Russia is one of Turkey’s largest trading partners for imports and one of its main gas suppliers. Tourism from Ukraine and Russia is a vital revenue source for a rapidly deteriorating Turkish economy. Wheat trade with both countries amounts to around 80 percent of Turkey’s imports.
Ankara is carefully trying to not antagonize Russia while continuing to militarily support Ukraine. Besides the economic burden that an open confrontation with the Kremlin might inflict on Turkey, it could also lead to military retaliation in Syria and to a subsequent migration wave from Idlib to Turkey, which hosts the largest refugee population worldwide. At the same time, the increased Russian presence in Ukraine, particularly along the coastline in the south, further raises Turkey’s strategic vulnerability in the Black Sea, accentuating its Cold War threat perceptions.
© SWP | German Institute for International and Security Affairs 2022