Diplomatic relations were established between Iceland and Soviet Union 1943 and in the following year Embassies were opened in Reykjavík and Moscow respectively.
The bilateral relations between the two States are based on solid mutually beneficial grounds. Regular consultations are held in the field of political affairs and extensive consultations and cooperation in economical and trade affairs, particularly on fishing issues, are ongoing.
Cultural relations between the two States are extensive and increasing. Icelandic plays and films shown in Moscow in recent years, have received a well deserved attention. The same applies also to several recent performances by Icelandic musicians in Russia.