Royal Greenland, the world's largest supplier of coldwater shrimp and Greenland halibut, has offloaded its 50 percent stake in the Russian joint venture, Agama Royal Greenland, to its partner Agama Group.

Agama Group, one of Russia’s largest frozen fish and seafood suppliers, now owns 100 percent of the company, according to Russia's Unified State Register of Legal Entities (EGRUL).

Royal Greenland already suspended trade with Russia in 2022, amid the ongoing war in Ukraine.

Royal Greenland and senior Agama Group officials declined to comment on the transaction to IntraFish, but Russian industry watchers view the deal as a natural progression for foreign businesses leaving Russia due to sanctions pressure.