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Prices of Russian whitefish products in the European Union (EU) have surged to multi-year highs, despite trade restrictions tied to the Russia-Ukraine conflict. The EU currently bans only Russian caviar imports, while other products like cod remain permissible.
In 2024, the EU terminated tariff preferences for Russian fishermen. Nevertheless, Russia’s seafood exports to the EU have reached approximately €709 million year-to-date, with the Netherlands and Germany as the top importers.
The Portuguese Association of Small and Medium Enterprises (CPPME) reports that during the year-end peak season, Russian cod prices hit multi-year highs, despite uninterrupted supply.
Russian cod and other whitefish species are typically transported to Europe via Norway. After processing, these products are often labeled as Norwegian, omitting their Russian origin.
Amid these developments, experts argue the EU should strengthen fisheries management, particularly in the Baltic region, to reduce reliance on imported fish. Previously, Baltic states, Finland, and Sweden advocated for additional tariffs on Russian fish, but the European Commission opposed further restrictions.
According to German Zverev, Chairman of the All-Russian Association of Fisheries Enterprises (VARPE), around 40% of Russia’s fish exports are directed to unfriendly nations. In 2025, exports to Europe rose 15% in value, driven by heightened demand following a significant 2024 decline. Exports to Japan also increased by 5%.
Europe primarily imports pollock and cod, while Japan focuses on surimi and crab. Zverev notes that anti-Russian sanctions have negatively impacted Europe’s seafood processing sector, reducing it by 10%. Meanwhile, Russian fishermen are expanding exports to friendly markets, including Latin America, India, and Southeast Asia.
For pollock, by late 2025, tight supply and limited raw material inventories pushed prices near record highs. As Russian fishing vessels resumed operations in the Sea of Okhotsk, supply recovery led to market stabilization.
Russian fishing companies report that post-Christmas, vessels gradually resumed operations. Some exporters anticipate shipments from mid-January. Traders predict slight price fluctuations in the short term but expect stability within the high-price range.
