Crimean fishing industry on brink of collapse, major Russian companies may pick up the pieces
SEAFOODNEWS.COM by Eugene Gerden - Dec 10, 2014
The Crimean fishing industry is on the brink of collapse, while local fisherman on the verge of food riots, due to extremely complex situation in the local fishing industry and inability of the Russian government to solve the existing problems. Some Crimean based companies think they are being deliberately driven into bankruptcy so larger Russian fishing companies connected to the government can purchase their assets.
According to data of the Crimean government, the volume of local catch and fish sales for the last several months has declined by 90%, which is mainly due to absence of sale markets.
Before Russian annexation, the majority of Crimean fish was supplied to the Ukranian market, however its closure by the Ukranian government has already resulted in bankruptcies of up to 50% of Crimean fishing enterprises.
To Read Full Story Login Below.