The embassy, whose ambassador Andrei Karlov was shot dead in the December 19 killing, said the decision by the jury was "demoralising" and showed a "complete degradation of ethics and moral values".
"Propaganda of the horror of terror is unacceptable," it said in a statement on its official Facebook page.
The famous image was taken by Burhan Ozbilici, a photographer for the Associated Press, who stood his ground as 22-year-old policeman Mevlut Mert Altintas killed Karlov at the opening of an Ankara exhibition on December 19.
"Placing the photograph on this high pedestal is an invitation to those contemplating such staged spectaculars," he wrote in the British daily The Guardian.
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The head of the foreign affairs committee of the Russian senate Konstantin Kosachev said the choice was "on the edge of morality" and asked "how many more terrorists could be inspired by this photo", RIA Novosti reported.
Altintas was killed at the scene by Turkish security forces and the authorities said he was part of the group of the US-based preacher Fethullah Gulen who Ankara blames for the failed July 15 failed coup.
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