A close neighbor of Russia, Iceland is usually closely aligned with NATO and the EU due to geopolitical concerns, with its historical Keflavik air station having been a frontline during the Soviet conflict. The airfield will likely be historical no more, as the Pentagon included $19 million in its 2017 budget to renovate the airfield for anti-submarine operations.[1] Despite this, Iceland and Russia have harbored economic ties totalling 89.7 million USD in 2003. This is not without consequence, as some domestic business constituencies, such as fisheries, have lobbied against Russian sanctions, resulting in Iceland withdrawing its support for sanctions as a result of the Ukraine situation in 2015.[2]  More recently, the country has taken a symbolic stance against the poisoning of Sergei Skripal, with its leaders boycotting the 2018 World Cup. However, no Russian diplomats have been expelled.[3] In 2017, the Icelandic Embassy brought attention to fake news circulating on Russian websites that claimed the Icelandic government offered financing for foreign men to marry Icelandic women.[4]

[1] https://www.foreignaffairs.com/articles/united-states/2016-02-24/return-keflavik-station 
[2]https://brage.bibsys.no/xmlui/bitstream/handle/11250/2441710/NUPI_Working_Paper_874_Thorhallsson_Gunnarsson.pdf?sequence=2  
[3] http://icelandreview.com/news/2018/03/27/icelandic-government-boycotts-world-cup-russia 
[4] https://euvsdisinfo.eu/no-iceland-wont-pay-you-for-marrying-an-icelander/