Unlike other Scandinavian countries, Ukraine's political dialogue with Iceland is characterized by irregularity and low intensity.

[3] Icelandic Foreign Minister Þórdís Kolbrún R. Gylfadóttir expressed support for Ukraine in the conflict, and said that Russia's actions "must have consequences".

In previous years, Ukraine exported to Iceland, however, in small quantities, industrial products.

At the same time, Iceland is the 40th among 123 countries-investors in terms of direct investment in Ukraine.

The largest of the Icelandic investments in Ukraine was the acquisition in 2006 by the Icelandic International Private Investment Bank together with other investors of a controlling stake (92.5%) in the shares of the Ukrainian Joint-Stock Commercial Bank Lviv in the amount of 8 million USD.