Russia's Seafood Trade Faces Chaos Under New Reporting Rules

New reporting rules for seafood transactions have exposed gaps in Russia’s regulatory system. Since 1 March, over-the-counter deals involving batches of 10 tons or more must be recorded. The change has raised concerns among industry players about fairness and technical issues. The Federal Antimonopoly Service announced it would not punish businesses for reporting errors beyond their control. Under current law, penalties for disruptions apply to all market participants, regardless of intent. This has led to calls for clearer rules on administrative fines.

Alexei Osintsev, Vice President of the Association of Fishing Fleet Owners, pointed to system flaws and technical failures in the registration process. Exchange representatives have promised to fix mistakes, prevent new ones, and make necessary adjustments. However, existing regulations do not allow corrections to submitted reports. The new mandatory reporting has highlighted inconsistencies in enforcement. Market participants now seek clearer guidelines to avoid unfair penalties. The FAS’s stance offers some relief but does not resolve the underlying regulatory gaps.