Tatarintsev, that he had called Icelandic premier Geir Haarde directly to clear up the matter.

FORBES: Iceland's Vanishing $5.4B Loan

He refused to confirm or deny the reported phone conversation between Tatarintsev and Haarde.

FORBES: Market Scan

"In many ways, we are ahead of the curve, " Haarde said, comparing Iceland with Greece, Spain, Portugal and Ireland, which also received bailouts.

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Afterward, Haarde insisted that he'd been acquitted on the most serious charges that deal most directly with the origins and handling of the crisis.

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"There was a lot of irregular stuff going on within the banking system, and of course ... there was an international financial crisis, " Haarde said.

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But Mr Haarde has been told by EU bosses that unilateral action without the boring necessity of joining the EU first would wreck relations with Brussels.

ECONOMIST: Charlemagne

Haarde called the first three charges, of which he was cleared, "substantive" in that they were allegations that tied into his and his government's role in the crisis.

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Against this tumultuous backdrop, Haarde vowed Tuesday that ordinary Icelanders would not pay the price for this spending spree and that his country will not default on its debt.

NPR: Iceland Shivers From Financial Crisis

Haarde, said Wednesday that he was optimistic that Iceland would be able to secure the loan from the Russian government, but his citizens would have to face a reduction in living standards.

FORBES: Market Scan

The prime minister, Geir Haarde, remains a Eurosceptic.

ECONOMIST: Charlemagne

Mr Haarde agrees, say officials.

ECONOMIST: Charlemagne