In May of this year, the European Union announced sanctions against Russian companies Norebo Holding and Murman Seafood, resulting in approximately 40-45% of Russian cod being unable to enter the EU market directly.
In June, the Joint Norwegian-Russian Fisheries Commission (JNRFC) recommended a 21% reduction in cod quotas to 269,440 tons for 2026. However, the Russian Fisheries Agency recommended an increase in the 2026 quota.
In July, Norway followed the EU's lead and also announced sanctions against the two Russian companies, preventing Russian vessels from unloading in Norwegian ports. In August, Russian officials issued a statement demanding that Norway lift the sanctions within one month; however, as of now, the sanctions remain in effect, leading to a deadlock in fisheries cooperation between the two countries, and the allocation of the 2026 Barents Sea quota has come to a standstill.
In the Pacific bluefin tuna market, in October, the price of once-frozen PBO tuna fillets in Russia increased significantly, with the current price at $3,500 per ton, a rise of $200 per ton from the previous month. If the 13.7% tariff for exports to the EU is added, the price of Russian fillets is even higher than that of the U.S.
The price of twice-frozen Pacific bluefin tuna fillets and blocks produced in China also increased significantly, with the price in October at $3,250 per ton, an increase of $200 per ton from the previous month, with a growth rate of 6-7%. The current price is $875 per ton higher than the same period last year, with a year-on-year increase of 37%.
In October, the price of once-frozen PBO Pacific bluefin tuna fillets in the U.S. increased by $150 per ton, with an average price of $3,900 per ton. A large number of U.S. Pacific bluefin tuna orders were signed in the first half of the year, and some orders for the second quarter of 2025 have already been fulfilled.
A comparison of the prices of Pacific bluefin tuna products from China, the U.S., and Russia shows that the price increases in China and Russia are higher than in the U.S.
As of October 1, the production of once-frozen PBO Pacific bluefin tuna fillets in Russia reached 85,460 tons, an increase of 18% year-on-year, but the actual quantity sold to Europe is very small. Some newly built processing plants and vessels in Russian companies cannot obtain EU numbers, and some Russian companies have chosen to focus on the domestic market, even not producing fillets in the second quarter.
Before the Bottomfish Forum, a group of European buyers conducted market research in China. Due to the continuous rise in raw material prices, the profit margin of Chinese processing plants has been squeezed, and the amount of raw material procurement has decreased. However, after the second half of the year, the export volume to the German market began to rise.
For the European market, fixed-price contracts between processing plants and retailers will continue until June 2026, while raw material prices have repeatedly reached new highs. Before the price increase, German retailers Aldi Sud and Aldi Nord even reduced the price of Pacific bluefin tuna strips from €2.69 to €2.49.
During the Bottomfish Forum, Russian suppliers will collect market feedback and formulate next year's production plans, and it is expected that the production of PBO fillets in 2026 will increase further.