- Established under the Agreement on Cooperation in Fisheries between the Government of the Republic of Iceland and Government of the Russian Federation of 3 April 2000.
- The Commission meets annually. The outcomes of the annual meetings are recorded in the protocol signed by the Parties.
- The Parties agree upon catch quotas of various fish species in certain fishing areas. They exchange statistical data on catches and discuss issues relating to cooperation within regional fisheries management organisations, management and control in the field of fisheries, technical measures to regulate fisheries, satellite tracking of fishing vessels of the Parties, electronic reporting system and scientific cooperation.
The Polar Branch participates in the annual meetings of the Commission and cooperates with the Marine and Freshwater Research Institute in Iceland (https://www.hafogvatn.is/en). The Institutes cooperate in joint herring investigations, take part in the international ecosystem surveys in the Nordic Seas and cooperate in research on pelagic redfish in the Irminger Sea.