Faroe Island-based pelagic group Vardin is likely to see half of its revenue disappear after ceasing trade with the Russia following President Vladimir Putin's invasion of Ukraine in February, a top executive said.

The company, which harvests and processes pelagic species such as capelin, herring and mackerel, is awaiting the Faroese government's decision on trading rules, and will follow any government guidelines, COO Olavur Bjarkhamar told IntraFish during the Seafood Expo Global in Barcelona last week.

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