The European Commission says it is considering compensation for some fishermen who are losing business because of the conflict in Ukraine.
Russia has banned food imports from European Union countries as part of the diplomatic exchanges over Russia's role in allegedly arming rebels in Ukraine.
But now the European Commission says it is looking at ways to compensate fishermen around the continent for the business they are losing.
Russia announced on August 7th that it was to ban imports of certain fisheries products from the European Union. Ireland exported over €20m worth of fish products to Russia last year.
Russia is the EU's 6th export market for fisheries products. In 2013, EU exports of fisheries products to Russia represented 5%, or €199m, of total EU fisheries exports.
In a letter, the European Commissioner for Maritime Affairs and Fisheries, Maria Damanaki, said the EU can provide financial support to the sector as well as the possibility of shifting unused fishing quotas to 2015.
Commissioner Damanaki called on the EU governments concerned by the ban to make use "as quickly as possible" of the European Maritime and Fisheries Fund (EMFF) - which can provide financial help to producer organisations who are unable to sell their products to Russia.
This aid enables them to store the unsold products until new markets have been found.
Ms Damanaki underlined that no approval by the Commission is necessary to unlock these storage funds.
She also pointed to flexibility rules which allow member states to carry over up to 10% of their fishing quotas to the following year.
She added that, given the current circumstances, she has instructed her services to examine the possibility go beyond the 10% quota flexibility.
The Commissioner said that she could take a positive stance on this option under the condition that examination confirms such a proposal 'would not undermine long term sustainability.'
It comes as Russia warns it will hit back against the West if tougher sanctions are imposed over the conflict.
