The Russian fishing industry is shrugging off the market impact from recent sharp cuts to the Barents Sea cod and haddock quotas, but it fears the reduction could have a long-term impact on the country's aggressive drive to renew its fleet through the Russian investment quota program.
Under the Russian and Norway agreement, quotas for shared Atlantic cod and haddock quotas were cut by 20 percent and 23 percent, respectively, to 708,480 metric tons and 178,532 metric tons.
While the countries will allow companies to transfer 15 percent of this year's unused quota to 2022, experts fear further decreases in the total allow able catches (TACs) could lead to shortages for some of new vessels thathave been commissioned or under construction through the state investment quota program.
