Norwegian and Russian officials reached an agreement Friday on quota allocations for the shared waters in the Barents Sea, choosing to slash cod and haddock catch limits by 20 percent.

The cod stock is still at a high historical level, but, nonetheless, the total quota for Northeast Arctic cod is set at 708,480 metric tons for the 2022 season, down 20 percent from the current quota.

Norway's quota for cod in 2022 will be 321,605 metric tons, with the rest allocated to Russia and other countries.