Baltic Export, Baltic States – CIS, Foodstuff, Latvia, Legislation, Markets and Companies

He pointed out that the embargo is a ''tough blow, as it will impact both the fishing and the fish processing industry''. However, he added that it will not be a ''fatal blow'' to the sector.

''We are creating a task-force which will be made up of representatives from the Welfare Ministry, Economy Minister and Agriculture Minister, as well as representatives from companies operating in the fisheries sector. The main task will be to approve tax-breaks, which other sectors affected by the embargo have already received. Another important area is state support for our participation in food exhibitions abroad. We will also be looking for compromises with our creditors,'' Bite said.

He added that even though the embargo will be a tough blow, it will not be fatal, and every company also exports to other markets outside of Russia.

''For example, Karavela exported 13% of its products to Russia last year, and only six% this year. At the same time, the other fish processing companies have had enough time to find new markets for their products. The main thing is for us to remain above water and maintain production until politicians sooner or later find a solution,'' Bite said.

As of June 4, all fish product imports from Latvia to Russia are banned for a temporary period, this according to an official announcement from the Russian food safety supervising board Rosselkhoznadzor on June 4th.

Rosselkhoznadzor has imposed a temporary ban on the entire fish processing industry in Latvia.

The State Food and Veterinary Service is currently reviewing the contents of the announcement.

The announcement said that the State Food and Veterinary Service has to ensure increased control on all activities carried out by the service, and provide Rosselkhoznadzor with a report on the corrective measures.

The Russian service will then decide on further action.