Bakkafrost’s shareholders are celebrating.
The Faroese salmon farmer informed Oslo Stock Exchange’s closing time on Friday that the company’s large processing plant in Glyvrar had had the restrictions removed from Russian veterinary authorities, paving the way for the company to continue lucrative access to the largest country in the world.
Unsurprisingly, Bakkafrost’s share price spiked. The Bakkafrost share was up 7.3 per cent, or NOK 1.5 billion (EUR 153 million) in lively trading on Monday morning.
As the Russian market is closed to Norwegian and Scottish salmon exports, because of the Kremlin’s response to Western sanctions in the wake of the Ukraine crisis in 2014, the price level for salmon in the Russian market is considerably higher than, for example, in the EU market.