The Russian response to Turkey is gonna bite

After the Turks shot down the Russian Su-24 over Syria after allegedly entering Turkish territory, fears of WWIII were bandied around - I don't think that is an issue.

Russian president, action man and current world statesman Vladimir Putin is not going to take this but I don't think direct military action with a NATO country - his economic sanctions will bite into the Turkish economy far greater than a bombing run into Turkish territory.

The Su-24 is a 1960s era all weather swing wing supersonic bomber similar in many regards to the General Dynamics F-111. It was a no contest when the Turkish F-16 engaged the aircraft, they are an air-superiority bomber, they are not designed to get into dog-fights even though they were designed during the era of the Vietnam war.

  Instead of a declaration of war, Russia has announced economic sanctions against Turkey including a ban on imports, the end of charter flights between Russia and Turkey and a ban on Russian tour operators selling Turkish holidays. 

Furthermore, Turkish companies operating in Russia and Turkish nationals working in Russia also face restrictions. As Russia is Turkey's second largest trading partner - these sanctions are going to bite.