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.
FILE - In this Oct. 29, 2015, file photo, a cod to be auctioned sits on ice at the Portland Fish Exchange, in Portland, Maine. Russia, along with Iceland and Norway, remains a major producer of the white fish, which it harvests from the Barents Sea and other frigid oceans. The U.S. is clamping down on trade with Russia, and is targeting seafood in particular.
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. In the U.K., where fish and chips are a cultural marker, shop owners and consumers alike are bracing for price surges. British fish and chip shops were already facing a squeeze because of soaring energy costs and rising food prices.
U.S. consumers are most likely to notice the impact of sanctions via price and availability of fish, said Kanae Tokunaga, who runs the Coastal and Marine Economics Lab at Gulf of Maine Research Institute in Portland.
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