The Italian-Russian Chamber of Commerce announced on Tuesday a recent deal that allows Russia to produce its Sputnik V coronavirus vaccine in Italy – the first contract in the European Union.

The agreement will need approval from Italian regulators before production can be launched.

According to the Italian-Russian Chamber of Commerce, the deal would foster the creation of Europe’s first Sputnik V production facility, which is hoped to start work by July and make 10 million doses this year which would help satisfy the demand for the shot abroad.

“The innovative production process will help create new jobs and allow Italy to control the entire production of the compound,” the chamber said in a statement.

Even though the financial terms of this deal were not released, the Russian authorities revealed they are also working on 20 similar collaborations in Europe and the Sputnik V vaccine has been registered in 45 nations worldwide.

“This agreement is the first of its kind with a European partner,” Vincenzo Trani, head of the chamber, said. “It can be called a historic event, which is proof of the good state of relations between our countries and shows that Italian companies can see beyond political differences.”

The deal was signed with Adienne Srl, the Italian subsidiary of a Swiss-based pharmaceutical company, and Kirill Dmitriev, head of the Russian Direct Investment Fund which markets Sputnik V internationally

Dmitriev told Italy’s RAI 3 television channel on Sunday that many Italian regions were eager to produce the vaccine.

“What we are offering is a true production partnership that will create jobs in Italy, and you can control the product, because it will be produced in Italy, and this product can not only save many lives in Italy, but it can be exported,” he said.