The Faroe Islands, part of the Kingdom of Denmark, wont observe European Union sanctions the country says make no economic sense as its fish farmers predict a surge in exports to Russia.

I have a responsibility to my people and I dont believe in boycotts, Home Rule Prime Minister Kaj Leo Holm Johannesen said yesterday in a phone interview. They always end up hurting the wrong people.

The north Atlantic archipelago, settled by Norse Vikings, has stayed outside the European Union and, unlike non-EU member Norway, has ignored the sanctions against Russia. That means it hasnt been hit by President Vladimir Putins retaliatory trade ban. Bakkafrost P/F (BAKKA), based in the Faroese town of Glyvrar, predicted last month the development will more than triple its fish exports to Russia.

Criticism from abroad has been very muted, 50-year-old Johannesen said. Ive explained the situation to Brussels, to Danish lawmakers and to the Obama administration when I traveled to Washington and New York recently.

Danish Foreign Minister Martin Lidegaard said he doesnt want to be the umpire in this matter, in a brief interview today. Its no crime not to be a member of the EU nor is it a crime not to be the subject of a boycott. On the other hand, its clear that the EU expects that others dont take advantage of the situation to capture market from countries impacted by the boycott.

A fishing boat unloads its catch at the dock in Klaksvik, the second largest city in the Faroe Islands. Close

A fishing boat unloads its catch at the dock in Klaksvik, the second largest city in the Faroe Islands.

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A fishing boat unloads its catch at the dock in Klaksvik, the second largest city in the Faroe Islands.

Russia, which accounts for about 7 percent of global Atlantic salmon demand, imposed its food ban on countries backing sanctions at the beginning of August. The standoff has left the Faroes, which supply about 4 percent of world output, in a unique position to provide Russians with fresh salmon.

Excerpt from:

Ignoring Putin Boycott Brings Cash Reward to Faroe Islanders