Saving Seafood

Consequences of Russia’s Ukraine invasion rippling through global seafood industry

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.

Read the full story at SeafoodSource

 

Maine seafood industry expects indirect hit from Russian invasion

February 28, 2022 — Though the Maine lobster and seafood industries for the most part do not trade directly with Russia, they are anticipating indirect impacts from the Russian invasion of Ukraine.

Russia had already banned seafood imports from the United States and European Union in 2014 in retaliation for previous sanctions imposed on Russia after its invasion and annexation of Crimea, and that ban remains in effect. Still, the invasion is bound to exacerbate ongoing supply chain issues, inflation and high energy prices, which could hurt the seafood industry indirectly in Maine.

Richard Hall, caviar director at Browne Trading Company in Portland, said he has not imported or exported any products from Russia in over 10 years because of the political situation and on-and-off embargoes.

“I get solicited by caviar farms in the (former) Soviet Union almost weekly,” Hall said. “It’s not like we don’t want to work with Russian farms. We’re always interested in finding what’s great for our customers. And it’s sort of sad – I’ve had to tell them recently, keep me on your list of people, but we’re not going to be doing anything with you right now.”

Read the full story at the Portland Press Herald

Russia’s invasion of Ukraine creates turmoil for global seafood market

February 24, 2022 — Russian seafood exports to the United States and European Union are likely to be curtailed as a result of Russia’s invasion of Ukraine.

The Russian Defense Ministry confirmed Russian forces entered Ukraine on Wednesday, 23 February. In response, U.S. President Joe Biden, European Commission President Ursula von der Leyen, and U.K. Prime Minister Boris Johnson announced planned sanctions against Russia after its military forces engaged in a full-scale invasion of the former Soviet territory, which became an independent country in 1991.

Read the full story at SeafoodSource