Norwegian and Russian officials on Tuesday agreed to slash the cod quotas for the shared waters in the Barents Sea by 20 percent for 2023, but Russia said it would renege on the deal if Norway imposes further sanctions related to Russia's war in Ukraine.

The Joint Norwegian–Russian Fisheries Commission (JRNFC), which has been negotiating for more than a week, agreed to set the total allowable catch (TAC) for Northeast Arctic cod for 2023 at 566,784 metric tons, in line with the advice issued in September.