ANALYSIS - Last week, Russia's president Vladimir Putin announced a ban on imports of agricultural and fishery products from the US, EU, Canada, Australia and Norway in reaction to sanctions imposed against over Ukraine, writes Lucy Towers, TheFishSite Editor.
One of the biggest hit fisheries will be the Scottish mackerel sector which exports £16 million worth to Russia each year.
“We will continue talks with companies and producers who export to Russia most likely to be impacted to fully understand the effect of the ban, and also to gauge the ripple effect caused by the ban across the rest of Europe," said First Minister Alex Salmond.
“We will also look at developing both new international markets and domestic opportunities which will not only alleviate the impact of this ban in the short term but will also create long-lasting business opportunities which will remain open to our food sector well after this ban has been lifted.”
Norway's salmon sector will also be hit hard as Russia is one of its biggest export markets for salmon worth around $800 million.
The ban on Norwegian salmon will likely lead to big price decreases globally and an increase in prices for consumers in Russia, Tradex Foods reported.
Norway's Minister of Foreign Affairs Børge Brende called the ban completely unreasonable.
Australia will also need to find an alternative market for its A$0.5 million worth of seafood products that it was exporting to Russia.
Although Ireland's agri-food export trade with Russia represents less than 2.5 per cent of total agri-food export, the country will be establishing an advice line to help companies affected.
As many affected countries find themselves searching for new markets, many South American countries are now increasing their seafood and meat exports to Russia.
Russia has recently continued talks with Brazil, Ecuador and Chile to increase the volume of food products, including seafood, exported to Russia.
Russia has also removed its suspension on seven Vietnamese seafood companies from exporting pangasius and shrimp to Russia.