In post-Soviet period Russia and Iran have experienced quite a few sharp turns in bilateral relations. Periods of active dialogue alternated with long pauses, signing of multibillion-dollar contracts was replaced by the prosecution of both parties in default of its obligations and commitments. Geopolitical interests in this case take precedence over economic ones. The article describes the role of the Iranian issue in Russian-US relations, both within the Gore-Chernomyrdin Commission and concerning Iranian nuclear program. The question of the legal status of the Caspian Sea also affects bilateral relations. However, there are a number of objective factors that bring together country. Among them is a need to combat ethnic separatism as well as shock economic reforms started almost simultaneously in Russia and Iran in the early 1990s and led to an increase in social tension. Both countries are interested in maintaining peace and stability in the former Soviet republics of Central Asia, Caucasus and Afghanistan. In July 2005, Iran received observer status at the Shanghai Cooperation Organization (SCO). With the return to the post of Russian president Vladimir Putin in 2012, there has been improvement in Russian-Iranian relations. There has been a number of positive trends in trade and economic relations, implementation of joint economic projects.