Embargo causing huge fish revenue losses

Photo: Árni Sæberg

Photo: Árni Sæberg mbl.is/Árni Sæberg

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.)

Related article:

Russian embargo to cost Iceland millions




4 °C


Later today

9 °C



8 °C

Warning: Yellow More

Exchange rates

USD USD 123.94 EUR EUR 140.40
GBP GBP 158.89 DKK DKK 18.82
NOK NOK 14.61 SEK SEK 13.68
CHF CHF 122.99 JPY JPY 1.09
ISK price of selected currencies, according to the official exchange rate of the Central Bank of Iceland. Updated daily.