Russian Foreign Minister Sergey Lavrov and his Iranian counterpart, Hossein Amirabdollahian, signed the document in Moscow on Tuesday.
The top Iranian diplomat arrived in the Russian capital for a meeting with his counterparts from the other four countries along the Caspian Sea — Russia, Azerbaijan, Kazakhstan and Turkmenistan — as well as for bilateral talks with Lavrov.
"In the event of economic or financial loss incurred as a result of the adoption of unilateral coercive measures, the State that has inflicted such loss on an affected State, individuals and legal entities by its actions or extraterritorial application of its national laws, shall be primarily held liable for compensation and damages," the document read.
The two countries also agreed that state and private properties and assets, along with consular and diplomatic premises and facilities "shall be immune from and not subject to freezing, forfeiture or any other form of confiscation or restriction" resulting from unilateral sanctions by any authorities, according to the declaration.