Norway and Russia have signed fisheries agreement to set lower cod, haddock quotas.
The quotas established 2014 are sustainable and near the limits following the scientific advice. The quota, set to 993,000 tons, is 7,000 tons lower than the all-time high one million tons in 2013.
The bi-lateral agreement was signed in St. Petersburg last Friday.
With today’s prices on cod, the first hand value of 993,000 tons will be NOK 15 billion (nearly €2 billion).
In the same bi-lateral agreement, Norway and Russia reduces the quota for capelin dramatically, down from 200,000 tons in 2013 till 15,000 tons next year,
