Fish industry shares decline at Oslo Stock Exchange after Russian banned all import of Norwegian fish for one full year, and with immediate effect.
Russia's response to Western sanctions due to the crisis in Ukraina is to implement restrictions on imports.
So far this year, Norwegian companies have exported fish for a totalt of NOK 37,6 billion. NOK 3,3 billion were for fish that were exported to Russia, according to the Norwegian Seafood Council (Norges Sjømatråd).
The ban has especially hit the fish company Marine Harvest. On Thursday afternoon the stock had already declined by more than 10 percent compared to the value when the Stock Exchange opened. Shareholders in publicly traded seafood companies have already lost billions on paper.
Head of Communication Olav Helge Hjetland in Marine Harvest says that the situation is still uncertain, and does not want to comment on what consequences this may have for the company's employees.
The situation is also uncertain for several other seafood companies. For Lerøy Seafoods the prices have declined by more than 7 percent. Bakkafrost is down by almost seven percent, and Salmar just above 8 percent.
Last year, Norway exported salmon to Russia for a total value of NOK 4,2 billion. The export of Norwegian salmon to Russia increased by 19 percent in July compared to the same month in 2013.
The Russian market is especially important for products like trout and herring. More than 40 percent of all trout export goes to Russia.