Norway ‘Ready to Act’ as Putin Sanctions Spark Fallout Probe
By Saleha Mohsin Aug 12, 2014 8:35 AM ET
Norway is studying the impact on its economy of the U.S. and Europe’s deteriorating ties to Russia and will step in to support industries that may be affected, Finance Minister Siv Jensen said.
“We are ready to act if necessary,” Jensen said today in an interview at her office in Oslo. “We are going through the Russian sanctions as we speak; it’s too soon to tell how they will influence the Norwegian economy.”
The fallout of the sanctions, and Russia’s counter move to impose an import ban on some western-produced foods, has already fueled dismay in a number of European countries concerned about the economic cost of such measures. Finland and Poland have even discussed the need for compensation.
Russia’s economic retaliation, announced last week, sent shares of Norwegian fish exporters lower. Billionaire John Fredriksen’s Marine Harvest ASA (MHG), the world’s biggest salmon farmer, fell 8.3 percent on Aug. 7, and sank a further 4.2 percent the next day. Other salmon producers, including Salmar ASA, Cermaq ASA and Grieg Seafood ASA all suffered share-price declines after the ban.
“We have a good dialogue with the affected industries,” Jensen said.
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http://www.bloomberg.com/news/2014-08-12/norway-ready-to-act-as-russian-sanctions-trigger-fallout-probe.html