Don't let this slip through the cracks. This is a BIG deal.
Russia has veto power on UN security-council resolutions. This means it will now be nearly impossible to pass security-related sanctions against Iran. This is significant because it's almost identical to what we went through with Iraq....
When the U.S. was actively trying to pass sanctions and get international approval for other operations against Iraq, Russia eventially got sick of it and made a statement similar to this one. Effectively, it meant the international community was no longer capable of supporting any further actions against Saddam. Having exhausted all channels within the UN, we were at war a few months later -- the army was referred to as the "coalition of the willing" (in other words, a coalition made up exclusively of countries willing to wage a war without UN support).