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When Iceland announced it was seeking a $6bn (£4bn) loan from Russia to help rescue its crisis-ravaged economy, some in the NATO alliance, of which Iceland is a member, took fright.

They suspected that Russia was acting to further its geopolitical interests in the region in the guise of a white knight.

Reports of Russia seeking - or even securing - rights to Icelandic fisheries, energy and metal sectors, as well as in tourism, poured fuel on these fears.

Russia has denied any political interest in its dealing with crisis-hit Iceland, but even some Russian media outlets have expressed scepticism, publishing caustic headlines such as "Ready to buy Iceland for good money".

"If Russia becomes the country which saves the Icelandic economy, Russia could also end up securing an extended level of power in the North Atlantic," BarentsObserver website said in an editorial.