How the Russian-Ukraine war could impact seafood
Seafood industry is bracing for possible sanctions against Russia's exports
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As is the case with many industries, seafood is bracing for potential problems due to the Russian-Ukraine war. Russia is a major exporter for certain kinds of fish, along with other seafood items, and the industry could be upended if sanctions are placed against the country's seafood trade.
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Russia is a major exporter of various seafood items across the world. (iStock)
In early February, before Russia invaded Ukraine, senators had already introduced a bill aimed at equalizing the seafood trade between Russia and the United States. In 2014, Russia banned all imports of seafood from the U.S. Meanwhile the U.S. has continued to import over $4.6 billion of seafood from Russia, the Anchorage Daily News reports.
While the bill was met with resistance, it shows how large the Russian seafood trade is.
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Sanctions against Russia's seafood exports could have a significant impact on the country's industry. (iStock)
Now, with countries around the world (including the U.S.) placing sanctions against Russia for invading Ukraine, there is renewed interest in sanctioning seafood exports, which could significantly hurt the country's fairly large seafood industry.
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In 2014, Russia banned all imports of seafood from the U.S. Meanwhile the U.S. has continued to import over $4.6 billion of seafood from Russia (iStock)
Other markets are also bracing for impacts from the invasion.
FOX Business previously reported that about a quarter of the world's wheat trade and a fifth of the world's corn comes from Ukraine and the surrounding region. Since Russia's invasion, both countries have had to close ports used for exporting goods. It's unknown when those ports will reopen.
On Friday, World Trade Organization Director-General Ngozi Okonjo-Iweala explained that the situation will have a significant impact on the price of bread and other wheat products.