Racconigi Bargain - Wikipedia

On 24 October 1909 King Victor Emmanuel III of Italy and Nicholas II of Russian Empire concluded an agreement at Racconigi, known as the Racconigi Bargain.

It states that:

If Russia or Italy are to conclude agreements concerning Eastern Europe with another Power in future, the other party of this agreement must also participate in such new agreement.
Italy recognizes the Bosphorus should be controlled by Russia while in return Russia recognizes Italian interests in Tripoli and Cyrenaica.

However, Italy and the Russian Empire concluded another agreement with Austro-Hungarian Empire a few days later disregarding this agreement.

References

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The Racconigi Bargain

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