Business

Bakkafrost’s share price spiked after Russia ended import ban

The Bakkafrost share was up 7.3 per cent, or NOK 1.5 billion (EUR 153 million) in lively trading on Monday morning.

Perhaps not surprisingly, Bakkafrost’s share price spiked after Russian authorities Rosselkhoznadzo lifted the restrictions for Aut. no. FO 125 Glyvrar to Russia last Friday.

Salmonbusiness.com writes that the Bakkafrost share was up 7.3 per cent, or NOK 1.5 billion (EUR 153 million) in lively trading on Monday morning.

As the Russian market is closed to Norwegian and Scottish salmon exports, because of the Kremlin’s response to Western sanctions in the wake of the Ukraine crisis in 2014, the price level for salmon in the Russian market is considerably higher than, for example, in the EU market.

Russian authorities imposed import restrictions on imports from Bakkafrost’s main processing plant AUT 125 Glyvrar in November 2018.

The stated reason was found of some bacteria in a sample of offcuts that was imported to Russia.

Russia is one of Bakkafrost’s biggest customers.

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