This dispute started the shooting down of a Russian warplane by Ankara, action strongly criticized by Moscow and other countries.
Both sides had extensive economic ties, and according to NTV news channel broadcast, Simsek recognized that this figure is the worst case scenario.
He added that tensions could impact 0.3 to 0.4 percent of GDP in Turkey.
After the shooting down of that plane on November 24, Russia took measures against Turkey that affect mainly the sectors of tourism, energy, construction and agriculture.The official admitted that after the problem there are 603,000 fewer Russian tourists and appreciated a slow progress in construction. Russia was also supplying Turkey with 55 percent of its gas needs and 30 percent of its oil needs.