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Russian Fisheries Adapt to Sanctions by Seeking New Markets and Opportunities

RUSSIAN FEDERATION
Friday, September 20, 2024, 07:00 (GMT + 9)

As the sanctions against Russia intensify due to the war in Ukraine, the country's fishing industry is grappling with significant challenges.

Ilya Rakovsky, chairman of the Karelian Fisheries Union, highlighted these difficulties at the Global Fishery Forum & Seafood Expo Russia - Exhibition, where 350 companies from Russia and 17 other countries showcased innovations in seafood fishing, processing, and shipbuilding.

Rakovsky emphasized that the situation is unlikely to improve in the short term, and Russian fisheries must adapt to this "new reality." Historically, Russia exported Atlantic cod and haddock to Brazil via Portugal, Spain, and Norway. With European buyers now refusing to purchase Russian fish, some companies have secured certification to ship directly to Brazil. Meanwhile, the Chinese market is proving to be an appealing alternative. This year, Russian fish products began being shipped directly to China via sea routes from St. Petersburg. The increase in refrigerated vessels has helped cut transportation costs.

In addition to China, the rising demand for white fish in Brazil has opened up new opportunities, especially for Russia’s large white fish producers. Rakovsky stressed the importance of maintaining a degree of international cooperation despite the sanctions, particularly in the shared research of fish resources in the Norwegian and Barents Seas. He noted that the cod and haddock stocks in these areas are under strain, making joint scientific efforts critical.

In response to the pressures brought by sanctions, Russia's fishing industry is actively pursuing new markets and reinforcing international collaborations, adjusting to the rapidly shifting global trade environment.

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