The victim is Turkish tourism after Russian sanctions

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Tourism in Turkey is a victim of Russian sanctions after Turkey shot down a Russian military jet. A large number of hotels in resort towns were left on the brink of bankruptcy after Russia imposed sanctions against Turkey.

Sanctions included reintroducing a visa regime, and a travel warning against Russian tourists visiting the country. Travel agencies in Russia stopped selling tour packages to Turkey on the request by the Kremlin.

The measure added more turmoil to an already stagnant industry. Turkey’s tourism revenue fell 8.3 percent to $31.46 billion in 2015, according to the Turkish online daily Today‚Äôs Zaman. The tourism industry accounts for 11 percent of Turkey’s GDP.

The Turkish tourism ministry expects to lose 4.5 million tourists from Russia this year. As a result, the country could lose about $7 billion, according to analysts.