MOSCOW - Russia's foreign minister on Monday hailed the United Nations Security Council's resolution that imposed sanctions on Iran as a reasonable compromise that wouldn't hurt Moscow's commercial contacts with Tehran.

Sergey Lavrov said the resolution approved unanimously over the weekend was a compromise that would allow diplomatic efforts to continue.

"The resolution fully reflects economic interests of Russia and other partners of Iran," Lavrov said at a Cabinet session chaired by President Vladimir Putin, according to the ITAR-Tass, Interfax and RIA Novosti news agencies.

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He emphasized that the resolution allowed the fulfillment of all contracts signed prior to its passage. Russia is building a nuclear power plant in the Iranian port of Bushehr, which is set to come on line next fall, and it demanded that both the plant and the nuclear fuel intended for it be exempt from sanctions.

The resolution orders all countries to stop supplying Iran with materials and technology that could contribute to its nuclear and missile programs and also freezes assets of related Iranian companies and individuals.

The U.S. administration had pushed for tougher penalties, but Russia and China, which both have strong commercial ties to Tehran, balked.

To get their votes, the resolution dropped a ban on international travel by Iranian officials involved in nuclear and missile development and specified the banned items and technologies.

Iran insists its nuclear program is aimed solely at the peaceful production of nuclear energy, but the U.S. and European nations suspect that it serves as a cover to produce nuclear weapons.