Russian fish exports to the EU reach €80.6 million in July, a 20-month high

Russian seafood exports to the European Union reached €80.6 million in July, the highest monthly value in 20 months, according to Eurostat data cited by Pravda.ru and finance.rambler.ru. Shipments were 8% above June and 36% higher than in July a year earlier.

The July figure came close to the recent peak of €83.3 million recorded in October 2024, Pravda.ru reported. European demand remains concentrated in whitefish — mainly pollock and cod — which processors and retailers continue to buy despite the sanctions environment around Russian trade.

Fillets account for most of the value

Fish fillets and fish meat made up €67.6 million of the July total, roughly 84% of the month's value. The heaviest demand sits in frozen product, where Russian cod and pollock have few alternatives on price-to-quality terms in the European market, according to Pravda.ru and finance.rambler.ru.

Beyond fillets, the July basket was spread across several categories, with frozen whole fish the second-largest line and processed goods a distant third. The rest of the month's shipments broke down as follows:

• frozen fish — €9.8 million
• prepared and preserved products — €3 million
• chilled fish — €126,000
• cuttlefish and squid — €34,000

Chilled fish, at €126,000, stays a marginal line next to frozen product. The purchases of cuttlefish and squid, small as they are, indicate that European retail is not prepared to drop the wider Russian seafood range, Pravda.ru wrote.

Seven-month total still down 21%

Cumulative shipments from January through July stood at €352.2 million, 21% below the same period a year earlier, according to Pravda.ru, which identifies the period as the first seven months of 2024. The publication links the decline to a high base of comparison and slower consumer demand in Europe amid high inflation and energy costs. That leaves July as a monthly high inside a year still running below the previous one.

Mikhail Frolov, an AML/KYC specialist, told Pravda.ru that the annual decline is “a temporary correction linked to the redistribution of global trade flows and tighter control of financial transactions in European banks.”

Distribution runs through the Netherlands and Germany

The Netherlands and Germany remain the main hubs for distributing Russian fish in Europe, hosting the region's largest processing capacity and logistics centres, Pravda.ru reported. Macroeconomist Artyom Loginov attributed the July jump to “seasonal restocking by European processors and the stability of logistics chains, which, contrary to political pressure, continue to work efficiently.”

For Russian suppliers, the revenue side carries weight beyond the trade balance. Financial analyst Nikita Volkov told Pravda.ru that “stability of export revenue in the fishing sector is critically important for maintaining the financial resilience of the fishing fleet and delivering investment programmes to renew vessels.” Higher export earnings also help companies absorb logistics costs, which limits pressure on domestic prices, Pravda.ru wrote, while supplying the home market remains the priority under state quotas.

Outlook into the holiday season

Pravda.ru expects the trend to stay positive on the back of the traditional pre-New Year rise in European demand, while cautioning that full-year totals may come in below 2023 because of exchange-rate volatility and more complicated settlement procedures. The publication also argues that European food security rests in part on the Russian catch, with cod and pollock from northern and Far Eastern seas holding a dominant position, and that replacing those volumes quickly from other sources is not feasible without shortages and sharply higher food prices.