Russian Fishing Sector Faced With Substantial Drop in Profits in 2023
Despite the ever-growing volume of catch, the Russian fishing sector saw a substantial drop in profits in 2023.
According to the All-Russian Association of Fisheries Enterprises, Entrepreneurs and Exporters (VARPE), the net profit of the Russian fishing industry decreased by 13% last year, compared to 136.1 billion rubles ($1.46 billion) in 2022, which was the lowest figure since 2018.
According to VARPE, one of the main reasons for the profit decline was an increase in credit burdens. The Association reports that from...
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