The worldwide seafood industry is steeling itself for price hikes, supply disruptions and potential job losses as new rounds of economic sanctions on Russia make key species such as cod and crab harder to come by. The latest round of US attempts to punish Russia for the invasion of Ukraine includes bans on imports of seafood, alcohol and diamonds. The US is also stripping “most favored nation status” from Russia. Nations around the world are taking similar steps. Russia is one of the largest producers of seafood in the world, and was the fifth-largest producer of wild-caught fish, according to a 2020 report by the Food and Agriculture Organization of the United Nations.

Seafood biz braces for losses of jobs, fish due to sanctions. (2022, April 2). Business Mirror, p. A5.