Foreign Affairs Minister Stephen Smith says the Federal Government is still considering whether it should supply uranium to Russia for non-military use.

Russia's Foreign Affairs Minister Sergey Lavrov has told local media that Australia has offered an assurance that it will do everything possible to ratify a nuclear cooperation agreement with his country.

He made the statement after Prime Minister Kevin Rudd met with the Russian President at the APEC leaders meeting in Peru over the weekend.

Mr Smith has told Sky News that Australia is still seriously considering the proposed deal.

"I think he is optimistic," he said.

"It was quite clear to me from my conversations with Russian officials early in the piece, but also with Foreign Minister Lavrov, that Russia is very keen to pursue or proceed with the agreement.

"But we have a Parliamentary process we'll go through very carefully but we'll also consider the state of our bilateral relations with Russia."