Bedford seafood company calls Russian import ban a ‘non-issue’
HALIFAX – A Bedford based seafood company may see minimal effects of an import ban placed by Russia on foods from Western countries, including Canada.
The ban will last for one year and includes items such as fruit, vegetables, meat, seafood and dairy products.
Ian Smith, CEO of Clearwater Seafoods Incorporated, told investors Thursday that the impact of the import ban is a “non-issue”.
Smith said sales to Russia are seasonal and, in 2014, will only make up three per cent of the company’s overall business.
Clearwater’s main export to Russia is cold water wild shrimp, which Smith said could be easily diverted to other markets such as Asia and other parts of Europe.
The CEO said the diversion of exports to other regions is not expected to have any material impacts on price.
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