The two countries agreed to collaborate in developing the hydrogen sector to boost clean energy production.
The declaration of intent was signed during a joint meeting at the Abu Dhabi International Petroleum Exhibition Conference on Tuesday.
"Similar partnerships could help to implement the plans for transitioning into clean energy and assist both countries in drafting projects and initiatives that support the Paris climate change agreement," said Sharif Al Olama, Undersecretary of for Energy and Petroleum Affairs in the Ministry of Energy and Infrastructure.
The agreement comes as major oil producers such as the UAE, Saudi Arabia and Russia revealed their targets to achieve net zero emissions by the middle of the century.
These countries are expected to significantly boost their investments in clean energy to cut emissions and develop more sustainably.
The UAE has pledged to invest Dh600 billion in clean energy over the next three decades as it seeks to reduce carbon emissions by 2050.
Currently, the Gulf country has the world’s cheapest solar power and is home to three of the largest solar complexes in the world. It is also the first Arab country to develop a peaceful nuclear energy programme.
The UAE plans to become a key player in the hydrogen fuel industry and revealed a programme called the UAE Hydrogen Leadership Roadmap at the Cop26 summit. The road map is expected to help it to use the clean fuel to assist its transition.
Under the latest deal, the UAE and Russia will develop artificial intelligence and digital services, exchange expertise and share best practice in the clean energy sector, including the use of hydrogen.
The declaration of intent "represents the strength of bilateral economic relations between the two countries", said Pavel Sorokin, Russia's Deputy Minister of Energy.
Russia expects to intensify co-operation with the UAE at all levels, he said. The two countries enjoy strong trade and investment ties, both in the energy and non-energy sectors.
Non-oil bilateral trade grew 8 per cent annually to $3.7bn in 2019, Sheikh Abdullah bin Zayed, Minister of Foreign Affairs and International Co-operation, said earlier this year.