According to the commerce chamber, it was Italian company Adienne Srl, which is a part of Adienne Pharma & Biotech, that initiated the deal.
"For the first time in Europe, an agreement was signed between the state Russian Direct Investment Fund (RDIF) and ADIENNE Pharma & Biotech on production of the Sputnik V vaccine in Italy", the Russian-Italian Chamber of Commerce said in a statement, obtained by Sputnik.
The vaccine production in Italy is set to start in July.
"This solution will let [Italy] create new jobs and fully control the production process of the drug. It is planned to produce 10 million doses by the end of the year", the statement read.
The news comes after the European Medicines Agency started a rolling review of the Russian vaccine last week.
The Russian vaccine, developed by the Gamaleya Epidemiology and Microbiology Centre and registered by the Russian Ministry of Health on 11 August, was the world's first registered vaccine against the coronavirus.
Dozens of countries, including European ones, have expressed willingness to acquire the vaccine to speed up inoculation rollouts as the bloc struggles with vaccine shortages.