Norwegian Seafood Stocks Have Been Getting Smoked

On Thursday, Russia announced a ban on food imports from the U.S.. the European Union, Canada, Australia, and Norway.

The list of banned products included cattle meat, pork, fish, milk and dairy products, vegetables, fruit, and nuts.

Some regions and economies are feeling the pinch more than others.

Take Norway’s Oslo Seafood Index, a stock market index consisting of 13 companies in Norway’s seafood industry. It saw its biggest single-day drop on Thursday, and today it’s down another 3.6%.

It’s down by around 9.6% this week.

According to the WTO, Russia is the world’s fifth largest food importer. So, while non-Russian food exporters face the risk of supply gluts, the exact opposite may be happening locally.

Russia’s food import ban was a retaliatory response against economic sanctions imposed by the U.S. and the E.U.

“There is nothing good in sanctions and it wasn’t an easy decision to take, but we had to do it,” said Prime Minister Dmitry Medvedev.

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