Russia's first electronic fish exchange to be launched in summer

April 4, 2008 16:20
In a recent statement Andrey Krainy, the Head of Russia's State Fisheries Committee has confirmed that the opening of the first electronic fish auction should take place in July-August 2008.

Not only fishing companies and fish processors but also transport and trading companies may come forward as founders of fish auctions, the official explained.

According to Andrey Krainy, there must be no less than 10 holding companies. The type of ownership will be defined in the nearest future. The fish auctions are planned to be established in 5 Russian cities such as Murmansk, Vladivostok, Kaliningrad, Petropavlovsk-Kamchatski and Nevelsk (Sakhalin).

The head of the Committee also notes that with the help of electronic fish auctions the Russian fishermen will have a greater choice of customers to sell their fish to.

It means that fish will come into the domestic market either via the auction or directly to the trader. These fish auctions will allow to significantly reduce the number of intermediaries so wholesalers and retailers will be able to purchase fish and shellfish/mollusks/seaweed at a lower price. As a result, the price for fish products in Russia may hopefully decrease by 20-40%.

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