Seafood biz braces for losses of jobs, fish due to sanctions
ABC News
The global seafood industry is preparing for major disruption due to new sanctions on Russia
PORTLAND, Maine -- 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 U.S. attempts to punish Russia for the invasion of Ukraine includes bans on imports of seafood, alcohol and diamonds. The U.S. 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. Russia is not one of the biggest exporters of seafood to the U.S., but it's a world leader in exports of cod (the preference for fish and chips in the U.S.). It's also a major supplier of crabs and Alaska pollock, widely used in fast-food sandwiches and processed products like fish sticks.
The impact is likely to be felt globally, as well as in places with working waterfronts. One of those is Maine, where more than $50 million in seafood products from Russia passed through Portland in 2021, according to federal statistics.
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