March 1, 2022 — Russia’s place in the global seafood trading market – and its strategy of growing its exports through value-added processing – have been jeopardized by the country’s invasion of Ukraine, which has resulted in blowback that is already creating large-scale disruption to Russia’s seafood industry.
The world’s energy and food markets are in turmoil, with a wave of sanctions being levied by the European Union, United States, and other countries against Russia, a major producer of natural gas and wheat. And supply chain bottlenecks created by the COVID-19 pandemic are expected to worsen as a result of the conflict. Glenn Koepke, general manager at supply chain consultancy FourKites, said ocean-shipping rates could grow to USD 30,000 (EUR 26,900) per container, and airfreight costs could rise even higher.
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