Iceland–Russia relations is the relationship between the two countries, Iceland and Russia. Russia has an embassy in Reykjavík. Iceland has an embassy in Moscow, and two honorary consulates in Murmansk and Saint Petersburg. Both countries have close ties in financing, which has strengthened the relations between the two.
Direct diplomatic relations between the Soviet Union and Iceland were established on October 4, 1943. In December 1955 the missions in Moscow and Reykjavik were upgraded to embassies. From 1975 to 1991 a trade representative of USSR was in Iceland and Russia had one in Iceland from 1991 to 1995. In 1997 the first Russian-Icelandic dictionary was published by Helgi Haraldsson.
In 2008 Prime Minister Geir Haarde sent a delegation Russia to negotiate a £3bn (€4bn) capital injection into the country's finances, after the country's traditional Western allies refused to help the collapsing banking system. The loan was later renegotiated to $500 million after Iceland managed to secure loans from Scandinavian countries and the International Monetary Fund, but finally Russia refused to lend any amount to Iceland.
In 2003 Russian-Icelandic trade was $US 89.7 million. Export from Iceland to Russia was $US 13.8 million. Import were $US 75.9 million. Russia is the 9th largest exporter to Iceland. Russian exports are raw materials: oil products (62,3%), aluminium (27%). Iceland exports to Russia ships and vessels (25,1%), sea products (23,3%), textiles and garment (14,9%), chemical fertilizers (10,8%), and industrial equipment (9,5%).
- "Iceland seeks Russian comfort". The Moscow News. Retrieved 2009-06-26.
Russia received a similar official request late on Tuesday and the country's Finance Minister Alexei Kudrin was quoted by Interfax as saying: "We will consider it. Iceland has a reputation for strict budget discipline and has a high credit rating. We're looking favorably at the request." Negotiations on the loan are supposed to start on October 14.
- "Russian embassy in Reykjavík". Russia. Retrieved 2009-06-26.
- "Bilateral Relations". Iceland. Retrieved 2009-06-26.
Diplomatic relations were established between Iceland and Soviet Union 1943 and in the following year Embassies were opened in Reykjavík and Moscow respectively.
- "Russnesk-islensk ordabok." (in Russian). Retrieved 2009-06-26.
- "Iceland leader arrives in Moscow". Interfax at the BBC. April 18, 2002. Retrieved 2009-06-26.
President of Iceland Olafur Grimsson arrived in Moscow on Thursday [18 April] on the first state visit in the history of the two countries' relations. At the airport, Grimsson was greeted by head of the Russian Fisheries Committee Yevgeniy Nazdratenko.The Russian Foreign Ministry told Interfax that relations between Moscow and Reykjavik "are on the rise and are developing rapidly".Upcoming Russian-Icelandic talks are expected ...
- Mason, Rowena (2008-10-07). "Iceland nationalises bank and seeks Russian loan". The Daily Telegraph (London). Retrieved 2009-06-26.
Prime Minister Geir Haarde rushed emergency measures through the Nordic nation's parliament to nationalise Landsbanki and give the country's largest bank, Kaupthing, a £400 million loan to bolster its balance sheet.
- "Russia refuses $500 million loan to Iceland". RIA Novosti (Moscow). 2009-10-14. Retrieved 2011-10-14.
Russia's government has refused to grant a $500 million loan to Iceland. Iceland originally asked Russia for a 4 billion euro ($5.8 billion) loan, but after it received most of the sum from Scandinavian countries and the IMF, the sum of the requested loan went down to $500 million.