Sanction them. I love Iceland but the way I see it, sanction them and tell them to knock it off. Capitalism sucks but use whatever few means we have in that system to at least right some wrongs.
You gonna demand sanctions for every single country that hunts a wild species that's classified as "least concern"? I think you'll struggle to find any countries that don't pull shit that's at least as inhumane and environmentally harmful as killing some 100-150 whales per year.