"The deal will begin to be implemented during 2011," the company said in a statement posted on its website.
The contract was signed in the presence of the Russian Minister of Industry and Trade Viktor Khristenko.
The financial details of the deal have not been disclosed, but Israeli media earlier speculated that the three-year contract could be worth $400 million.
Russia has already signed two UAV contracts with Israel. Under the first contract, signed in April 2009, Israel delivered two Bird Eye 400 systems (worth $4 million), eight I View MK150 tactical UAVs ($37 million) and two Searcher Mk II multi-mission UAVs ($12 million).
The second contract was for the purchase of 36 UAVs, worth a total of $100 million, to be delivered later this year.
Russia and Israel have also been negotiating the establishment of a joint $300-million venture to produce UAVs.
Israel said in September it may tear up much of the aerial drone deals it signed with Russia due to anger over Moscow's decision to supply Yakhont naval missiles to Syria.