Latvia's largest fish cannery company reported on May 1 that it lost 660,000 euros in 2016 and expanded its loss to 1.12 million euros in 2017. Nevertheless, the company's turnover in 2017 was 6.8 million euros, up 25%. The company said the increased losses were due to the Russian food embargo, the devaluation of the Ukrainian currency, the decline in the purchasing power of Caucasus and Central Asia residents, and the fierce competition in European and American canned fish markets.