Turkey’s exports to Russia declined by 14.6 per cent in 2014 compared to 2013. The main reason is the decrease in the value of the ruble. Russia is one of the top export markets for Turkey. Almost every sector in Turkey was negatively affected by the decrease in the ruble, and their exports to Russia drastically decreased. The textile sector's loss is estimated at around 24.92 per cent. Textile exports to Russia which had increased to $1.16 billion in 2013 dropped to nearly $763 million in 2014. Exports of leather products nosedived 24.52 per cent. Exports of readymade clothing to Russia fell by 15.02 per cent in 2014 compared to 2013.

Russia ranked fourth after Germany, Iraq and England among the countries Turkey exported to in 2013. It fell three steps behind in 2014, thereby ranking seventh after Germany, Iraq, England, Italy, France and the US. Russia and Turkey have signed a series of major trade and energy deals amid differences over the crises in Syria and Ukraine as Moscow copes with Western sanctions.

Turkey is planning to increase its trade volume with Russia to $100 billion by 2020.