Russian authorities began to consider the potential impact from Turkey’s counter sanctions, which may be imposed, according to Ahmet Davutoglu, Turkey’s prime minister, Kommersant reports.

According to the newspaper, Mr Davutoglu spoke in front of a group of businessmen and stated that Ankara was developing counter measures after Russia had imposed economic sanctions. Turkey is getting ready to implement these measures. The Turkish Prime Minister did not elaborate on the measures.

Meanwhile, according to Kommersant’s sources, Russia’s Ministry of Industry and Trade began to calculate the risks even before the Turkish premier made his statements. This week, the Ministry recommended “to analyse the possibility of reorienting the supply of automotive components by Turkish vendors” and asked for deadlines for that. The Ministry proposed automative concerns, working in Russia, to find alternatives to Turkish components “to hedge risks” of suspended supplies.

Russian authorities do not plan to introduce a ban on the supply of manufactured goods from Turkey so far. The Ministry of Industry and Trade was instructed to elaborate a list of restrictions on goods, “which can be put into action, if necessary”. The industry reacted negatively, now companies “collect compelling evidence, explaining that this is not worth doing”.

At the same time, grain producers, exporting a significant part of the produce to Turkey, have much more serious concerns over risks of losing their contracts. A number of market participants suspended their contracts with Turkey on wheat exports. According to sources, grain is now exported at December prices, with no contracts concluded for January yet.

Nervousness on the market already resulted in traders laying risks in the price for grain. According to analysts, Russian farmers, forced to sell their grain at lower prices, will be the first to suffer. Last week, the price for a ton of wheat in the ports of Azov basin fell to 165 dollars, while a week earlier it cost 176 dollars.