Russia’s Fishing Industry: From Raw Materials Supplement to Value-Added Generator

For decades, the Russian fishing industry has operated under a raw material appendage model. The bulk of the catch, in the form of unprocessed fish, was exported primarily to the Asia-Pacific region, where value was added to fish products made from Russian raw materials. However, in 2017, the situation began to change rapidly due to the introduction of the investment quota mechanism in the country. The purpose of this article is to conduct a comprehensive analysis of the transformation of Russia’s fisheries complex from a “raw material trap” to a high-value-added sector of the economy. The study examines the prerequisites for the implemented reforms, which have led to the modernisation of the fleet and onshore processing facilities, as well as their subsequent impact on export revenues and the socio-economic development of coastal territories. The article highlights the current challenges of 2024–2026, including increased fiscal pressure, sanctions restrictions, and the search for a balance between business and state interests. The method of operational pricing analysis (the “price glass” method) is applied, and based on the results of its testing, reserves for increasing profitability through vertical integration and deeper processing are identified. Based on data from Rosstat and assessments from industry experts, it is concluded that maintaining the raw material model results in a loss of 60–70% of potential added value, while the implementation of the investment quota strategy is already enabling an increase in exports of deepprocessed products (fillets, surimi, fish meal) and returning margins to the Russian economy.

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