Russian embargo to cost Iceland millions

Russian President, Vladimir Putin.

Russian President, Vladimir Putin. Photo: AFP

Total loss of income in Iceland as a result of the ongoing Russian embargo of Icelandic fisheries products is estimated at between ISK 990 million and ISK 2.55 billion (approx. €6.9-17.7 million) per year, according to a new report.

The report, by the Icelandic Regional Development Institute, was commissioned by the Minister for Fisheries and Agriculture Sigurður Ingi Jóhannsson.

Russia’s current ban on Icelandic fisheries products is expected to hit ten districts particularly hard. These are:

  • Eskifjörður, Fáskrúðsfjörður, Neskaupstaður, Vopnafjörður (East Iceland)
  • Raufarhöfn, Þórshöfn (North-East Iceland)
  • Höfn, Westman Islands (South Iceland)
  • Snæfellsbær (West Iceland)
  • Garður (South-West Iceland)
Eskifjörður, one of the fishing towns most heavily affected.

Eskifjörður, one of the fishing towns most heavily affected. Photo: Sigurður Bogi Sævarsson




7 °C


Later today

6 °C



4 °C

Exchange rates

USD USD 123.14 EUR EUR 140.60
GBP GBP 158.36 DKK DKK 18.84
NOK NOK 14.58 SEK SEK 13.68
CHF CHF 123.53 JPY JPY 1.09
ISK price of selected currencies, according to the official exchange rate of the Central Bank of Iceland. Updated daily.