Remember Afghanistan before 9/11? The Russians wanted control so they could run a pipeline through. It wasn’t and still isn’t about political ideology. The pipeline didn’t happen of course but guess what is getting built now that the Talibaners are less in control…. It is always about the money and so will any Russian interest in Iceland. So don’t get too desperate or you’ll trade one financial mess for an even bigger one later on.

Here’s the situation. In my hometown of Daventry in the UK. Our local district council invested US$13 million into four of the Icelandic banks (despite the warnings – read: www. idaventry.com) and UK councils as a whole have invested US$1.5billion. The publicity being put out by the councillors – who all deny any responsibility for their investment strategy – is that we can expect as much as 80% of the money back. My question in view of all these comments is – where will the money come from?

Its time for your government to stop borrowing and start persuading your neighbours to provide the support that is so badly needed and hopefully the British government is paying attention – fat chance! How much do we need a Russian port just north of Scotland?

What I wanted to stress was – this is a LOAN. Not a gift. And most likely this loan is needed to save “investments” of some big guys (powerful enough to “arrange” half a billion loan) and leave us – small people to pay it back
Almost same story with Polish “loan” – as far as I know. When panic started and Polanders started to flee Iceland – they couldn’t get their money out of the country. So Poland provided a loan – and these money just went back to Poland. But you – as well as me – were left with the loan… So don’t bless everyone who gives you money Usually there is a trap nearby.

As to Russian big business in Iceland – sorry but one of the reasons I came to Iceland – to stay away from that big business. I don’t know details and I don’t want to know. I just hear from time to time the names of those who comes to Iceland – and believe me – these guys don’t come here just to swim in Blue Lagoon (it’s cheaper for them to fly Blue Lagoon to their homes). So are you really sure you really want to find out the details?
Another thing – many “serious” Russian companies don’t do business as Russian companies. They are hidden behind nicely sound “international” names. So it’s very likely you have been doing translation for them without knowing you deal with Russian money. There are several reasons for that – and avoiding a label “Russian company” is one of them. As David Goehrig said right here: ” Taking financial help from the Russians? Beware”
…. of Russian bear?
I don’t think that Russians are worse than two Björgólfurs.
You said “his is a small country and when there are foreign-owned companies here, or foreigners with substantial business interests, it is usually common knowledge.” Yes it’s small but it looks like above mentioned father and son took the small country by surprise anyway…

As to “Russian” tankers – look at http://www.scf-group.com/ – and you’ll find that this Russian company is one of the largest in the world but – most of its fleet goes under Liberian flag, operates in Middle East and is managed by Unikom Management Services (Cyprus)

And here is Board of Directors
Chairman of the Board of Directors
Mr. Sergey Naryshkin – Chief of Staff of the Presidential Executive Office (aka President Administration)

Members of the Board of Directors
Mr. Andrey Kostin – Chairman and CEO of VTB Bank (aka bank of Foreign Trade)
Mr. Yuriy Medvedev – Deputy Head, Federal Agency for Federal Property
Mr. Aleksandr Misharin – Deputy Minister of Transport of the Russian Federation
Mr. Gleb Nikitin – Deputy Head, Federal Agency for Federal Property
Mr. Charles Ryan – Chief Country Officer and CEO, Deutsche Bank Group in Russia
Mr. Aleksey Sokolov – Head of Department, Ministry for Economic Development
Mrs. Elena Titova – Managing Director, First Deputy Chairman of the Management Board, Morgan Stanley Bank
Mr. Aleksandr Tikhonov – Head of Department, Ministry of Transport of the Russian Federation
Mr. Nikolay Tokarev – President, JSC Transneft (aka owner and operator of all Russian oil pipe lines)
Mr. Sergey Frank – President and CEO of Sovcomflot

Still want to find real details? Then just call President Medvedev…
But don’t mention me, please

“Can you shed light on why Russia would consider Iceland a geo-strategically highly interesting partner, for example?”
Sorry but I can’t as I don’t know who in Russia considers Iceland…in any way. It’s getting popular among “small” people who comes here to see the country (btw I found the Demon face at Hellnar). But geo-strategic partner? Never heard about such thing… I mean I’ve never heard about Russian geo-interests in Iceland from Russian sources. Looks like it exists (and was created by) in “western” minds only

PS. if you have more questions – I live just 300 m from your house

Alexander – The way I understood it, the loan has been approved, but the terms and conditions have not been finalized yet. Perhaps it hasn’t been approved, in which case I stand corrected. (As do most of the Icelandic mainstream media.)

It only reflects the fact Russians don’t need publicity – just money. — I’m not talking about a PR machine — this is a small country and when there are foreign-owned companies here, or foreigners with substantial business interests, it is usually common knowledge. I don’t know of any Russian companies here – but I could be wrong, of course (that has happened once or twice in the past ) If you do, can you tell me what they are? I’m genuinely interested to know.

What kind of shipping routes around Iceland are opening for Russia? What huge Russian tankers? To where? — basically what LDE said. As you’re probably aware there was heavy debate about that potential oil refinery on the West Fjords a couple of years ago. The talk then centered a lot on the fact that there would be Russian oil ships passing through that new shipping route and the West Fjords would be a convenient place for them to bring in the oil for refining.

However, perhaps you have info that I don’t. Can you shed light on why Russia would consider Iceland a geo-strategically highly interesting partner, for example? And why the barentsobserver.com is speculating about a new role for Russia here in Iceland? I’d be genuinely interested in your thoughts.

Apart from its fragile environment there are many reasons not to choose the Westfjords as place for such a venture – like the danger of ice in winter etc.. And the job creation by such a refinery is nothing more than a myth – except for some local politicians, who get nice jobs, if they make the “right” decisions.