Why Russia has intervened in Iceland

One thing that hasn't been really examined during the financial meltdown is the question Why should Russia want to bail out Iceland?

Interesting question and over at Time magazine,Yuri Zarakhovich thinks that he has the answer.
Basically Russia has given a lifeline of $5.4b to the Icelandic economy but Yuri thinks there are more sinister motives afoot

this act of benevolence is being viewed as a way of helping Russia secure a bridgehead for an advance into the Arctic regions to claim the vast hydrocarbon and other mineral deposits there. Iceland happens to possess a once vital NATO base, which has been in mothballs since 2006, and the Russians may be eyeing that as well