The Nikolsky parish of the Russian Orthodox Church in Reykjavik, dedicated to St. Nicholas, was founded in 2001. Its establishment was initiated by Archbishop Longin of Klin, representing the Russian Orthodox Church in Germany. The church is located in a small rented house, where services are held. In the future, there are plans to build a separate Orthodox church, for which the city authorities have already allocated a plot.

In December 2004, Priest Timofey Zolotukhin became the parish's rector, the only permanent Orthodox priest in Iceland.

According to the Icelandic Statistics Bureau, in a country with a population of 330,000, there are about 3,500 Russian-speaking immigrants from Russia and former Soviet republics. However, the temporary house church is attended not only by them but also by representatives of other Orthodox communities, such as Serbs, Bulgarians, Romanians, Greeks, and Orthodox Poles, who do not have their own churches.

The St. Nicholas parish officially has over 600 registered members. On Sundays, 30-40 people usually attend the liturgies, but on major holidays, the house church cannot accommodate everyone. On such days, when 200-300 people gather, the parish rents the Lutheran cathedral for Easter and the Catholic cathedral for Christmas.

Services are conducted in Church Slavonic every Saturday at 18:00, every Sunday at 10:00, and on holidays. Confession is available in Russian, Polish, Ukrainian, English, and Serbian, starting 30 minutes before the Liturgy or immediately after the evening service.