The move is likely to increase opportunities for Russian and European producers to team up on projects.
Russia has been accepted by the Council of Europe as a member of European co-production fund Eurimages.
The decision means that co-production projects involving a co-producer from Russia will now be eligible to be submitted to Eurimages meetings for funding, making it easier for Russian and European producers to partner up on projects.
Exhibitors and distributors will also be eligible for Eurimages support as Russia does not have access to the MEDIA programme which is available to other European countries.
Set up in 1988, Eurimages has supported 1348 European co-productions to the total of around 407 million euros.