http://www.presstv.ir/detail/2014/08/07/...sanctions/
Norway salmon producers hit hard by Russia sanctions
Thu Aug 7, 2014 10:36PM GMT
Norwegian salmon producers have felt the brunt of a set of sanctions imposed by Russia on European agricultural goods as their share prices plunge on the Oslo Stock Exchange.
Shares in the world's biggest salmon producer, Marine Harvest, fell by nearly 8.48 percent by Thursday afternoon.
Norwegian officials say Salmon producers are among the first victims of Russia’s ban on agricultural goods from the West.
"It's a challenging situation for Norwegian seafood exporters," said Terje Martinussen, director of the industry group, Norwegian Seafood Council.
Russia has been Norway's biggest export market for fishery products in recent years, but Moscow included the Norwegian producers on its sanctions list.
The latest developments come as the Russian government announced year-long sanctions against the European Union, Norway, the United States, Canada and Australia in retaliation against Western sanctions due to the ongoing conflict in Ukraine.
On Wednesday, Russian President Vladimir Putin ordered government agencies to restrict agricultural imports from countries that imposed sanctions on Moscow.
The economic tit-for-tat followed a recent decision by the EU and US to tighten sanctions on Russia, with Brussels extending them from individuals to sectors of the Russian economy.
The sanctions also include an arms embargo and restricting sales of sensitive technology, as well as the export of equipment for Russia’s oil industry.
The Western powers accuse Moscow of playing a role in the crisis in eastern Ukraine, which broke out when Kiev launched military operations to silence pro-Russia protests in April.
The Russian president stressed that the tools of pressure being used against the Russian economy go against international rules and norms.
JR/MHB/SS