Russia is preparing to launch a range of sanctions against Turkey after a Turkish F-16 shot down a Russian jet near the Syrian border on Tuesday.

Prime Minister Dmitry Medvedev said he plans to draft measures including the suspension of joint investment projects in the next two days in response to the incident as relations between the two nations continue to deteriorate.

Turkey claims that the Russian Su-24 jet flew into Turkish airspace and was warned 10 times to change direction before it was shot down by an air-to-air missile from a Turkish F-16 on the orders of President Recep Tayyip Erdogan.

Ankara has released an audio recording of what it claims are the repeated warning relayed to the Russian jet before it was shot down.

However, Russia maintains that its jet did not stray over the border from Syria, where it continues to launch air strikes against a variety of rebel groups fighting against embattled dictator Bashar al-Assad, and received no warnings.

Moscow has also accused Turkey of hypocrisy over the incident, after it emerged that President Erdogan had himself said that “a short-term border violation can never be a pretext for an attack”, when he complained that the Syrian military had downed a Turkish jet that strayed into Syrian territory in 2012.