South Korea: Proposal of early release of government stockpile of Russian pollock

Published Mar 28, 2022

Tridge summary

Sokcho City in South Korea is planning to approach the Ministry of Oceans and Fisheries to request the early release of the government's stockpile of Russian pollack. This move comes in response to the sharp increase in the price and decrease in the availability of Russian seafood on the market, a situation exacerbated by the Russian-Ukraine war. The Daepo Agricultural Complex, home to about 60 seafood processing companies, is experiencing difficulties in sourcing raw materials. Sokcho City's proposal aims to help stabilize the supply and demand of frozen pollack by releasing the government's stockpile and also by suggesting measures to increase the sale of pollock brought in by shipping companies operating in Russian waters.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The city of Sokcho, Gangwon-do, announced on the 23rd that it had decided to propose to the Ministry of Oceans and Fisheries to release the Russian pollack stockpiled by the government at an early stage. This is because, after the Russian-Ukraine war, the price of Russian seafood has risen sharply and the quantity is insufficient, so pollock processing companies living in the Daepo Agricultural Complex are having difficulties in sourcing raw materials. Food, including seafood, is not subject to export controls related to international economic sanctions, so import and export are possible, but prices have risen due to the prolonged war. In the second half of the year, the fishery of pollock in Russian waters is unclear, and only a very small amount of pollock brought to Busan Port is distributed, making it difficult. Accordingly, Sokcho City decided to hold a meeting on the 21st to collect industry difficulties and to propose early release of government stockpiles to quickly ...

Source: Fisheco