Norwegian and Russian cod prices both hit historic highs.

The Barents Sea negotiations concluded: Quota cuts less than expected On December 18, the Joint Norwegian-Russian Fisheries Commission (JNRFC) finally ended the days-long difficult negotiations. Both parties finally agreed to reduce the total catch of Atlantic cod in the Barents Sea by 16% to 285,000 tons in 2026, which is less than the previously expected 21%. Meanwhile, the haddock quota was increased by 18% based on scientific recommendations, reaching 153,000 tons. The meeting was full of tension. Russia had strongly demanded that Norway lift sanctions on its two major fishing giants, Norebo Group and Murman Seafood, and advocated for higher catch quotas; however, Norway took a firm stance, not only rejecting Russia's demands but also confirming that starting from January 1, 2026, these two companies would be completely banned from entering Norway’s Exclusive Economic Zone (EEZ) and ports. Cod prices soar: Reaching an all-time high Shortly after the negotiations ended, the ...