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Iceland in Crisis

By experts and staff

Published
  • Benn SteilCFR Expert
    Senior Fellow and Director of International Economics
  • Dinah Walker
    Analyst, Geoeconomics

The U.S. has left Russia to bail out Iceland with a $5.5 billion loan, even though the U.S. economy is over 11 times the size of Russia’s. Is Iceland really of no strategic interest, despite speculation that Moscow hopes to gain leverage over Iceland, which could use its NATO membership to veto the accession of Ukraine or Georgia? Or does the Iceland story show that a country with petrodollars will use its currency reserves as a foreign policy tool?

Economist: The Arctic Contest Heats Up

Burgess, Braithwaite, O’Connor: A Cruel Wind

Belikov, Aniskin, Krasnikov: Why should Russia save Iceland?

Bergmann: Forced Into Russia’s Arms

Braithwaite, Belton: Iceland Forced To Seek Russian Capital Injection

Economist: Deep Pockets