Iceland and Russia have signed an agreement covering fishing activities by Icelandic vessels in the Russian area of the Barents Sea this year.
Iceland gets a 8158 tonne cod quota, split into 5098 tonnes allocated directly, plus here is the option to purchase a further 3060 tonnes with the price for this yet to be decided. The agreement is based on the tripartite agreement between Iceland, Russia and Norway dating back to 1999 when the three nations were able to agree on the Loophole zone of the Barents Sea that lies outside 200 mile limits following several incidents and long disagreement.
Russia and Iceland renegotiate the terms of the agreement on an annual basis. The new agreement has been reached after a continuation of negotiations at the end of last year when agreement was not reached.
