Russia-Ukraine crisis, fisheries countermeasures need to be prepared in South Korea

Published 2022년 4월 25일

Tridge summary

The article highlights the potential significant impact of the Russian invasion of Ukraine on the Korean fishery industry and calls for the development of countermeasures. With the conflict showing no signs of ending soon, it is causing supply and demand issues and the effects of economic sanctions to surface. The war is disrupting industries such as deep-sea and offshore fishing, aquaculture, and coastal fisheries, affecting areas like pollack imports and Norwegian salmon. Rising oil prices, which account for over 40% of offshore fishing costs, are also expected to harm the industry. The article urges the implementation of short-term and long-term measures to mitigate the damage to fishermen, such as identifying alternative supply lines and preparing support measures for farmed fish in response to increased compound feed prices.

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Original content

The Russian invasion of Ukraine is expected to have a significant impact on the Korean fishery industry, so it is urgent to prepare countermeasures. When Russia and Ukraine in Europe, far away from us, went to war, it was considered a stranger's business. Even when the European Union, including the United States, began to impose economic sanctions, it was not the subject of interest except for the target industries in the Russian waters. However, as the war, which was expected to end in a short period of time, enters a prolonged phase, the repercussions of the war are coming. Problems in supply and demand arise immediately, and the subsequent impact of economic sanctions is being revealed one by one. Even when there was a prospect that Russia would invade Ukraine militarily, the domestic fisheries industry had a strong belief that it would be resolved over time. The pollack and squid industry in Russian waters were busy preparing for wearing, seeing that the situation would calm ...

Source: Fisheco