A Precarious Interdependence between Russia and Turkey: Economic Cooperation, Energy Ties, and Sanctions

This paper addresses three crucial questions that keep pundits and scholars busy:
(1) The growth of bilateral trade in 2023 was astounding, yet we can see that it has grown even more asymmetrical (i.e., Russia benefits more than Turkey does). What should we make of the 70 billion USD per annum trade volume?
(2) In what areas does Turkey comply with EU and US sanctions against Russia? Can Ankara be enticed to comply more, and how?
(3) Turkey seeks to diversify its dependence on Russian energy, but how realistic is this quest? What alternatives are there for diversifying Turkey’s energy resources?
Finally, its conclusion offers practical policy recommendations.