President Vladimir Putin has issued a grave warning to Turkey in light of the aerial attack on a Russian bomber by Turkish warplanes, stating that the incident shall trigger "serious consequences" in the two country's relations. The Russian president further stated that Turkey has become an accomplice of terrorism by shooting down the Russian aircraft, which was on a sortie against the Islamic State, according to The Star.

"We understand that everyone has their own interests but we won't allow such crimes to take place. We received a stab in the back from accomplices of terrorism," Putin said.

Turkish officials have said that the Russian Sukhoi Su-24 violated Turkish airspace and was warned repeatedly by the country's air force. After ignoring the warnings, it was intercepted by Turkey's F-16 jets, which promptly shot down the Russian aircraft.

Russia, however, has rejected Turkey's version of the event, stating that the Su-24 was attacked one kilometer inside Syrian territory, where it was on a bombing mission against ISIS, reported CNN.

With Putin's declaration that Turkey will be paying a significant price for the incident, Lt. Gen. Sergei Rudskoy, a senior official in the General Staff of the Russian Armed Forces, stated that military-level contacts with Turkey would be terminated.

Nicholas Burns, a former U.S. Ambassador to NATO, also believes that Russia would probably try to hurt Turkey economically.

"Turkey receives about 60 percent of its natural gas supplies from Russia. So there are things the Russians could do to make their displeasure felt," he said.

Check out more news on the incident here.