Russia tensions could cost Turkey $9 billion -Deputy PM Simsek
Deputy Prime Minister Mehmet Simsek

ISTANBUL: A worst-case scenario of “zero relations” with Russia would cost Turkey about $9 billion, and the current tension will likely shave 0.4 percent off annual output, Deputy Prime Minister Mehmet Simsek said on Monday.

Simsek, Turkey’s newly appointed economy czar, also told broadcaster NTV that the government may take “remedial steps” on plans to increase the minimum wage, although it would not be prepared to shoulder the entire cost of the hike.

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