Embargo causing huge fish revenue losses
Lost mackerel and herring revenue as a direct consequence of the ongoing Russian embargo of Icelandic fisheries products has already run into the hundreds of millions of Icelandic króna.*
Russia banned imports of Icelandic food products back in August in retaliation for Iceland’s support for EU sanctions against Russia. Russia was until recently Iceland’s largest market for fisheries products, particularly mackerel.
Teitur Gylfason, Sales Manager at Iceland Seafood, and Gunnþór Ingvason, CEO of Neskaupstaður Herring Processing (link in Icelandic), have both confirmed that prices for mackerel products are currently 30-35% lower than at the same time last year.
Ingvason also points out that the capelin fishing season will soon be under way and the Russian market has also been the biggest market for that.
* ISK 100 million = €710,000 (approx.)