More than a year after the Russian aggression against Ukraine, a little can already be said about Turkey‘s attitude and the consequences of the conflict for Ankara. Turkey is balancing between Moscow and Kiev, trying to gain ground as a mediator, but also looking after its interests, especially economic ones. The text aims to analyse Turkish-Russian and Turkish-Ukrainian relations, especially since the outbreak of the war, and to answer the question of what the possible consequences of the Russian-Ukrainian war are for Turkey, whether it will be the big winner or rather the big loser of the situation.