here are problems with the Turkish products inside Russia and the tourism going down. People are worried about that. But the really big economic weapons, oil and especially natural gas, those have not been brought into play yet - mostly in the form of threat so far. So basically the view from here is that, yeah, things are getting bad, but they could still get much, much worse.
Peter KenyonTurkey's NATO membership is one thing that is forestalling the worst-case scenario - open conflict between Russia and Turkey - because neither Moscow nor the West wants a Russian NATO conflict to erupt.
Peter KenyonWe are seeing reports that NATO's sending early warning radar planes and German military personnel to Turkey. That might reduce the chances of another incident like this jet shoot down. And obviously both NATO and the U.S. are pressing their ally Turkey to urgently deescalate the situation.
Peter KenyonHe [Erdogan] has crept up to the edge talking about mistakes by pilots. But he also knows that with leaders like himself and Vladimir Putin, apologies may not be the answer. Just look at Israel. Prime Minister Netanyahu apologized years ago to Erdogan over this incident off the coast of Gaza in which Turkish people died onboard an aid ship. And only just now is that relationship at least in talks to be improved.
Peter Kenyon