Shetland Catch has seen losses increase by more than GBP 1 million (USD 1.21 million) in the last fiscal year as a result of the Russian ban on food imports from the European Union.
Russia stopped EU seafood imports in 2014 in response to US and EU sanctions against Moscow, as tensions escalated over the crisis in Ukraine.
In a business report with the accounts of firm 2015/16, which was recently presented at Companies House, President John Goodlad said that financial performance was also affected by the unique maintenance costs.
However, the executives of the company reported that they achieved good sales in other European markets, which helped offset the losses suffered by the closing of the Russian market.
“However, these markets are slower moving and have led t...