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Aug 13, 2014 (newstodate): Russia's embargo on seafood imports from EU, Norway, USA, and Australia is creating a huge upheaval among exporters.
The embargo is taking an immediate toll on Norway's huge export of seafood to the Russian market, mainly comprising frozen products but also fresh salmon.
Market analysts estimate these export volumes to be around 80,000 tonnes annually.
Surprisingly, non-EU country Norway is comprised by the embargo since last week, while the Faroe Island, Iceland and Greenland that are closely linked to EU-member state Denmark are not.
Russia is the third largest market for Norwegian salmon and the largest market for Norwegian herring.
It now remains to be seen if exporters in the Faroe Islands, Iceland and Greenland will be able to benefit from the absence of Norway in Russia's seafood import market provided also the availability of sufficient logistics and transportation options.
The embargo is taking an immediate toll on Norway's huge export of seafood to the Russian market, mainly comprising frozen products but also fresh salmon.
Market analysts estimate these export volumes to be around 80,000 tonnes annually.
Surprisingly, non-EU country Norway is comprised by the embargo since last week, while the Faroe Island, Iceland and Greenland that are closely linked to EU-member state Denmark are not.
Russia is the third largest market for Norwegian salmon and the largest market for Norwegian herring.
It now remains to be seen if exporters in the Faroe Islands, Iceland and Greenland will be able to benefit from the absence of Norway in Russia's seafood import market provided also the availability of sufficient logistics and transportation options.