In the 1990s, Russia and Iran successfully laid the foundations for interaction and expanded their spheres of cooperation. At the beginning of the twenty-first century, their relations developed unevenly. These fluctuations depended on the combination of global and regional factors, as well as on the internal circumstances in each country. Russia's participation in international sanctions has aroused discontent in Iran. Despite this, the political establishments of both countries continue to demonstrate an interest in developing bilateral relations and to reaffirm their shared geopolitical interests. This paper analyzes foreign policy documents and the latest research by Russian and Iranian scholars. It strives to shed light on the question: “To what extent and in what areas do the interests of Russia and Iran coincide, and what is the foundation for their potential future development?”