Just to clear two things up - the cover with the riot police is very misleading as they only appear in one brief scene and Jonathan Pryce only has about 5 minutes of screen time in total.
The film is set in Iceland's dark underbelly of corruption, prostitution and violence. It starts off quite well, characters are introduced and gradually drawn together through a series of events. However the film soon begins to lose the spark from the beginning as the violence increases as the story falters.
It all begins with a crooked drug deal involving a small group of Serbians who vow revenge on the local crime boss. The same crime boss (the excellent Ingvar Eggert Sigurðsson) has just had a recent health scare and is looking to sell up his business rackets (Pryce being a prospective buyer in his two short scenes) but unfortunately for him, the Serbs are taking this personally and don't wish to negotiate. Add to the mix a corrupt and cowardly police officer stuck in the middle, a cop out for revenge on Ingvar Eggert and cops ready to fight fire with fire. All entangled in a turf war between the locals and a new threat.
A bright start which falters when the film starts to move away from the characters and more towards an all too familiar conclusion with films of this genre.