Saint Petersburg-based startup Severnaya Krevetka, one of Russia's two domestic farmed shrimp producers, has announced plans to relocate its facility and to increase production volume.
The company, called Northern Shrimp in English, originally intended to invest around RUB 1 billion (€17.5 million/$17.6 million) in its farming project, but wide-scale sanctions imposed on Russia in response to its invasion of Ukraine forced the company to rethink its strategy.
“Now we are forced to buy equipment for the new facility in other countries beyond Europe,” Sergei Belkov, CEO at Northern Shrimp, told IntraFish.
