Various theoretical approaches in the field of international relations offer different answers to the existing ambiguities and questions about why Russian-Iranian ties have expanded in the post-USSR era. While realist approaches try to define the growth in Russian-Iranian cooperation within the framework of ties between major powers and their continuous efforts to establish balance of power, liberal approaches relate states' motives and aims of establishing such levels of relations to economic and material interests. Here, a subject being somehow ignored by the two approaches is that both Iran and Russia, as far as identity developments are concerned, have passed through a situation in which they felt a need to reconstruct their identities after the demise of the USSR. This article argues that during the aforementioned period, Iran and Russia, apart from meeting each other’s security needs or rare material interests -reliable foreign exchange for Russia and embargoed technologies for Iran- they were also a source for meeting their identity needs. The post-USSR era, and especially under Vladimir Putin, Iran has served as the most important arena providing Russia with the possibility of acting like a major world power. Russia’s behavior has been one of the major challenges to the international isolation of Iran in recent years.