The 50-year old bilateral fisheries treaty between the Faroe Islands and the Russian Federation has been extended for 2026, the Ministry of Fisheries, Industry and Trade announced on December 30th.
Again this time around the catch quota for Atlantic cod was reduced, whereas the catch quota for haddock, on the other hand, was raised. Under the agreement, the Faroese are allowed to catch just over 6,300 tonnes of cod, a little under 1,500 tonnes of haddock, 900 tonnes of flatfish, and 4,000 tonnes of northern shrimp, in the Russian sector of the Barents Sea.
In exchange, the Russians get to fish 65,000 tonnes of blue whiting, 4,200 tonnes of Atlantic mackerel and just over 7,700 tonnes of Atlanto-Scandian herring in Faroese waters.
“I’m very pleased with the fact that we were able, in these difficult times, to arrive at an agreement [for 2026],” said Eirikur í Jákupsstovu, the Faroe Islands’ Minister of Fisheries, Industry and Trade. “This means that the Faroese fishing industry has good information on hand at the outset of the year and, again this year, has a good opportunity to utilize whitefish from the Barents Sea.”
Among the Faroese communities associated with the Barents Sea fishery a sigh of relief could be sensed over the regular extension of the treaty. At least it means that the recent investments into three new, large and highly advanced freezer trawlers, custom-made for that particular fishery, may prove viable to preserve hundreds of Faroese livelihoods dependent on that fishery.
Pelagic exports
Yet controversy emanating from geopolitics appear to cast shadows of doubt on the continuation of the longstanding fisheries treaty between the Faroes and Russia. For one thing, the treaty has been a subject of open disapproval among segments of the Faroese population seemingly under the influence of some anti-Russian sentiment, underpinned or emboldened by rhetoric coming from political leaders in countries like Denmark, Norway and the United Kingdom and regularly regurgitated via news media.
It seems clear, nonetheless, that a majority of the people in the Faroe Islands—not to mention those whose livelihoods are directly linked to the fish industry—approve strongly of the agreement. Notably, quite a few still remember what happened a mere dozen years ago when Denmark and the entire EU including the UK, along with Norway, blockaded the Faroese fish trade—the main source of income for the tiny island nation—over some disagreement on pelagic catch quota. Back then, Russia came to the rescue and opened its markets for Faroese fish products, in effect ushering in a golden era of progress, and big profits, for the Faroese fishing and aquaculture business.
Last year’s Faroese exports of herring and mackerel, most of which went to Russia, amounted to an estimate 150,000 tonnes at a total value of approximately 2.5 billion DKK (335 million EUR), as per Statistics Faroe Islands reports for the period spanning from November 2024 through October 2025. Those are very substantial numbers for Faroese trade but have decreased over the last few years.
‘Expect a serious response’
In July 2023 the Faroese Government, under growing pressure to follow Western sanctions over the Ukraine war, imposed closures to reduce the activities of Russian fishing vessels in Faroese ports. The move has since led to significant decline in port revenues.
The latest chapter that has much of the fishing industry on its edge is the recent announcement by the government to sanction two Russian vessel owners active in Faroese waters.
“The Faroe Islands will on 1 January 2026 implement restrictive measures against natural and legal persons, entities and bodies similar to the restrictive measures adopted by the Council of the European Union under Council decision and regulation 2024/2643 of the 8th of October 2024, with later amendments,” a statement from the government read, adding:
“Among the entities targeted by the updated restrictive measures are two Russian companies whose vessels have conducted fisheries in the Faroese Fishery Zone under the bilateral fisheries agreement between the Faroe Islands and Russia. Vessels belonging to companies subject to the updated sanctions will no longer be permitted to obtain fishing license to conduct fisheries in the Faroese Fisheries Zone or enter ports in the Faroe Islands.”
The decision to follow the EU and Norway’s lead to sanction the vessels in question—on spurious charges and with little if any legal basis, according to one of the vessel owners—is likely to prompt a harsh Russian response, industry insiders fear.
“The Russians have made it clear, from the highest official place, that if those vessels were to be sanctioned by the Faroe Islands, there will be a serious response,” one Faroese shipping agency executive told the Faroe Business Report.