Russia's Import Ban Thumps Norway Fish Farmer Shares

Shares of Oslo-listed fish-farming stocks tumbled on 
Thursday 7 of August 2014 after Russia announced plans to 
ban fish imports, depriving salmon producers of their 
biggest market and threatening a solid year buoyed by 
record-high fish prices.

 

Norway's Marine Harvest, controlled by shipping tycoon John 
Fredriksen, tumbled 10 percent, Salmar fell 9 percent and 
Grieg Seafood fell 7.4 percent on the likely loss of a key 
export market and the expected price falls caused by 
reduced demand.

Fredriksen's offshore drilling firm Seadrill last month 
signed a RUB 4.25 billion Arctic rig deal with Russia's 
Rosneft just hours before Western sanctions that could 
potentially have prevented the deal kicked in.

Russia's move, which includes a total ban on imports of 
many Western foods, is retaliation for Western sanctions 
imposed over Russia's role in the Ukrainian conflict.