This report, commissioned by The Norwegian Fishermen’s Association, has a twofold purpose: First, to give an outline of the bilateral RussianNorwegian management regime for the fish resources in the Barents Sea, and second, to describe how the fisheries sector is organized at the national level in Russia and Norway respectively. The part focusing on the bilateral regime consists of a chronological description of developments in the joint Russian-Norwegian Fisheries Commission, as well as a short presentation of two adjacent co-operative mechanisms: the co-operation between Russian and Norwegian fisheries researchers and the co-operation between Russian and Norwegian interest organizations in the fisheries sector. The part of the report that focuses on the national level gives a detailed description of the fisheries management systems in the two countries, as well as of the fishing industry itself. This part of the report also identifies the main challenges facing the sector today, with particular focus on recent proposals of new legislation that might lead to significant changes in the the current framework conditions for the fishing industry. Finally, the report discusses how various external factors, including climate change and the deteriorating east-west relations, may affect the bilateral co-operative arrangement.