President Vladimir Putin and Japanese Prime Minister Shinzo Abe agreed on the text of a statement about the beginning of joint economic activities in the Kuril island chain, according to presidential aide Yuri Ushakov.
Among the areas of cooperation would fishing, tourism, medicine, ecology and others.
"Experts have been working on the text for a few weeks, but have been unable to arrive at a text that is suitable to both parties," Ushakov told reporters after a head-to-head meeting between Putin and Abe in Nagano on Thursday.
"Therefore it was necessary to take it to our leaders, who probably spent 40 minutes to agree on a joint text which will be published tomorrow."
Ushakov also said that Putin and Abe will "instruct the two countries' experts to start detailed consultations on the harmonization of conditions, forms and areas of joint economic activities in the South Kuril Islands.
He also told journalists that economic activity in the South Kuril islands would fall under Russian legislation, since the islands belong to Russia.