Russia has long been an importer of fur. While they do some of their own trapping and farming, a lot of what they use comes in from other European nations such as Poland, Germany and Denmark.
Canada is also one of the many countries who exports fur to Russia, though the Asian market has been a much larger – albeit a rapidly shrinking – consumer of Canadian fur products.
But with the ongoing crisis in the Ukraine and the heavy-handed economic sanctions being levied by world leaders against Russia – and by Russia itself from former trade partners – the fur trade can be expected to take another nose dive.
On the heels of a devastating report of a 70 per cent drop in Canadian fur prices, we are fully expecting to see an even greater drop due to the simple rules of supply and demand.
As a major consumer of fur, Russia’s blockade of international trade will mean an increase in supply in other major fur-producing countries such as Poland and Denmark. That surge in supply will lower their prices domestically, and, as a result, bring down the international value of fur products.
While we grapple with provincial regulators to put in place real laws protecting fur-bearing animals, fur producers themselves will be seeing dramatically lower returns on their investments. This is akin to the downturn of the late 20th century, as a generation learned the truth about the fur industry.
We will take this opportunity to continue to increase our education for Canadian consumers and, perhaps, with your help, see fewer people invest in fur farms and ultimately fewer animals killed.
Photo source: t-mag.it