Russia Bans Import from Norway

Photo : ROBERT PATERSON PHOTOGRAPHY LTD.

Russian Prime Minister Dmitry Medvedev announces immediate import ban on meat, fish and dairy items from EU, US, Australia, Canada and Norway. The ban takes effect immediately and will last for one year.

Russia is the largest and most important export market for Norwegian seafood, mainly herring and mackerel in additon to salmon and cod, according to Norwegian Industry and Fisheries Ministry. Last year Norway exported salmon worth of 4.2 billion NOK to Russia.

Norway also exports some cheese, including around 100 tons of smear cheese Snøfrisk to Russia, writes Norwegian daily Dagbladet.

Immediate effect on Oslo Bors

Mevedev’s statements gave immediate effect on the shares in respect of fishing companies on Oslo Børs immediately. Marine Harvest has fallen by around 10 per cent before 12 o’clock, while other fishery companies Lerøy Seafoods, Salmar and Bekkafrost fell between 6-8 percent this morning, writes TV2.

Chief Analyst at Nordea Markets, Erik Bruce says to TV2 that consequences should not be exaggarated for whole Norwegian industry but the ban would have serious consequences for the fishing industry.

A Response to the sanctions against Russia

EU countries, Norway and the US last week introduced punitive action against Russia in response to Moscow’s support for eastern separatists in Ukraine.

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As a response to this step, Russian officials came up with a list of banned products to be imported. 

The Russian agriculture minister, Nikolai Fyodorov, said on Thursday that greater quantities of Brazilian meat and New Zealand cheese would be imported in place of the banned Norwegian, European and American products. He added Moscow was in talks with Belarus and Kazakhstan to prevent the banned western foodstuffs being exported to Russia from the two countries.

Medvedev also said officials were considering a ban on European airlines flying to Asia over Siberia.

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