The payout will be made annually before May 9 to participants in the Great Patriotic War who permanently live in Russia, Latvia, Lithuania and Estonia, it stands in the regulation.
A copy of the document can be found on the Russian legal information portal.
Russian media report that a similar payout had been made last year, but this initiative makes it annual.
The news comes ahead of the annual May 9 "Victory Day" celebration which marks Soviet victory in the Second World War.
But for many ethnic Latvians Russian victory in the Second World War spelled the start of a 50-year era of Soviet occupation.