The minutes summarized the results of the Russian-Japanese negotiations after the assassination of the Korean queen in October 1895 by Japanese agents and the king`s flight into the Russian mission building. The two sides agreed on the king`s return. The protocol provided for joint Russian-Japanese assistance to Korea for foreign loans if assistance was needed. It also included consultations between Russia and Japan on any issues relating to Korea that might arise in the future. In essence, this agreement reflected the desire of Tsarist Russia to limit the dominant Japanese influence in Korea, a situation born after the war between Japan and Japan of 1894-95. However, in 1898, the agreement was supplemented by a new protocol that obliges Russia not to impede the development of trade and industrial relations between Japan and Korea. Signed on June 9, 1896 in St. Petersburg, the Yamagata-Lobanov協 () agreement was the second of three agreements signed between the Empire of Japan and the Russian Empire on disputes over their sphere of influence over Korea. The king trusted Russia. Because of his naïve confidence, his cabinet gave Russia many economic rights, in the hope that it would help protect its security. But global politics does not work that way. While the King of Joseon remained with a false hope of Russian support in the Russian emissary, the Russian Empire and Meiji Japan reached a secret agreement during the coronation ceremonies for the Russian tsar Nicholas II (The Yamagata-Lobanov Agreement of 1896).
In the agreement, two countries confirmed their same influences on the Korean peninsula and guaranteed the state of Korea joseon. The agreement that made the Korean peninsula a buffer state is the result of compromises between Russia and Japan. Russia has just acquired the Liaodong Peninsula. It wanted to preserve the stability of the new territory and the potential country that was Manchuria. If Japan were to occupy the Korean peninsula, this would pose a major threat to Russian expansionism towards Manchuria. The Yamagata-Lobanov agreement served to curb Japanese expansionism on the Korean peninsula. In the meantime, since the triple intervention, Japan has been expressing discontent with Russia. However, Japan was aware of the power gap between Russia and itself, which was not yet the right time to confront the great empire. Moreover, Japan had always been cautious that the Korean peninsula was occupied by other foreign powers.
For Japan, the agreement has also served to curb Russian expansionism towards the Korean peninsula, such as the agreement with Russia. It is interesting to note that the proposal for the division of the Korean peninsula was included for the first time in the protocol of this agreement at the 38th parallel. The concept appeared several years later, as we all know. The agreement had two non-public provisions. In the first, Japan and Russia reaffirmed their reciprocal right to send additional troops to Korea in the event of major unrest, and in the second, both countries reaffirmed their right to deploy troops to Korea until Korea has its own modern army, equipped to deal with such unrest. When Yamagata agreed to the terms of the agreement with Lobanov, he was unaware that a few days earlier the Russians had signed the Li-Lobanov Treaty with China, a de facto alliance against Japan, in which Russia obtained unlimited access to Manchuria and a lease on the Liaotung Peninsula.  The content of the Yamagata-Lobanov agreement has since been repeated in further negotiations between Russia and Japan. Until the Russo-Japanese War of 1904, Russia and Japan played a fierce battle with the Korean peninsula.