The agreement, originally negotiated in 2007, was signed by Sergey Kiriyenko, director of the state corporation for atomic energy in Russia and U.S. Ambassador to Russia William Burns. Officials say the agreement, also called a 123 Agreement, is an effort to establish a legal framework for cooperation from the U.S. and Russian governments on peaceful uses of nuclear energy, the U.S. State Department reported.

Both countries are expected to benefit from the deal signed by "allowing U.S. and Russian companies to partner in nuclear joint ventures, and by permitting commercial sales of nuclear materials, reactors, and major reactor components by U.S. industry to Russia," the release said.

Officials say the 123 Agreement is also an effort to strengthen non-proliferation efforts. President Bush is expected to send the agreement to Congress for future consideration.