MOSCOW, October 15 (RIA Novosti) - Russia and Iceland have concluded the first round of talks on a 4 billion euro ($5.4 billion) loan to help the Nordic country through its financial difficulties, the Russian Finance Ministry said Wednesday.

"The sides exchanged information on the current situation on financial markets, including in Iceland. We have agreed to continue our dialogue," the ministry said in a statement, adding that it would send its proposals to the Russian cabinet.

The delegation from Iceland arrived in Moscow late on Monday for a series of meetings to agree terms for a loan that would allow Iceland's government to shore up its shaky national currency, the krona, which has lost about a quarter of its value against the euro since the start of the year.

Iceland's Central Bank said on October 7 that Russia had agreed to grant it a 4 billion euro loan. Finance Minister Alexei Kudrin said Russia viewed Iceland's loan request favorably, but that a decision on whether to grant the loan would only be made after talks.

Iceland's Central Bank said the duration of the loan would be three to four years, carrying interest ranging from 30 to 50 basis points over LIBOR.

The bank said the loan would significantly bolster Iceland's foreign exchange reserves, strengthening the stability of the krona in the face of the global financial crisis, which has hit Iceland particularly hard.