The two countries signed a number of protocols intended to increase bilateral trade tenfold in the next two years from the current figure of $1.5 billion (1.2 billion euros).
At the same time, Russian Energy Minister Alexander Novak said the two countries would also pursue investment projects worth 70 billion euros.
Iranian Oil Minister Bijan Zanganeh, who had welcomed yesterday a sizeable Russian delegation, said "there is no restriction on developing trade relations" between the two sides.
Western powers suspect Tehran has sought to develop nuclear weapons, a claim it strongly denies, and negotiations are now underway to reach a deal acceptable to both sides.
More From This Section
Russia, meanwhile, has recently been slapped with EU and US sanctions over its perceived support for separatists in Ukraine.
Consequently, both countries are looking for new economic partnerships.
One example is food.
"Before the sanctions, we imported certain products from the European Union, and now we can import them from Iran," Novak said.
Tehran also aims to triple from $600 million its sales to Russia of chicken, meat and eggs, as well as shrimp.
But the two sides denied they had agreed to barter oil for food, after Russian media reported that talks were underway for Moscow to import 70,000 barrels per day of Iranian crude at a preferential price in exchange for agricultural products.
Iran is rich in oil, but has long sought to diversify its energy sources, and its drive for nuclear power has complicated relations with the West.