The Vladimir Putin-Recep Tayyip Erdoğan alliance, following the joint press conference given by the two leaders in Ankara on the 1st of December, was received with joy and concern alike. Russia announced cooperation with Turkey, abandoning the ‘South Stream’ project that would have transported gas to Southeastern Europe through Bulgaria and the Black Sea. Putin also announced a six per cent cut in gas costs to Turkey1.
However, while both leaders and supportive media have celebrated the alliance, both now face serious economic threats. Ironically, Russia and Turkey were hit by concerning financial developments on the same day: the 16th of December.