'Sanctions will hurt Russia's economy'

The Russian media is describing the anticipated negative effects of Russia's economic sanctions against Turkey on many sectors of the Russian economy.

The sanctions will intensify the inflation problem in Russia, according to Alfa Bank officials in a statement to WBC newspaper.

Inflation will reach 17 percent, due to a significant increase in the price of fruits and vegetables, officials said.

Vedomosti newspaper underlined that the measures in the automobile industry will slow auto production in Russia.

The textile industry will be affected negatively, according to a report on the gazeta.ru website.

The current strained relations between Turkey and Russia began with the downing of an SU-24 Russian bomber in Turkish airspace.

Turkey has refused to apologize, stating that Russia had violated Turkey's airspace repeatedly.

On December 1, Russian president Vladimir Putin signed off on extensive economic sanctions against Turkey, including a ban on fruit and vegetable imports and travel and visa restrictions.