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19 August 2014 Last updated at 11:03 BST
Flight engineers Oleg Artemyev and Aleksandr Skvortsov launched a small satellite named Chasqui I.
It is a joint project between the Russian Federal Space Agency and the Peruvian government.
The two cosmonauts, which is the Russian term for astronauts, are also carrying out maintenance on the ISS during the spacewalk.

Wiltshire Police arrested three boys from Swindon aged 16, 14 and 13 in connection with the incident.
The younger boys were charged with common assault and public order offences, and the 16-year-old was released with no further action.
The 14-year-old will appear before Swindon Magistrates' Court later.
The 13-year-old has been bailed to appear at Swindon Youth Court on 23 June.
Two Russian cosmonauts have set off on a spacewalk from the International Space Station (ISS) to launch a nano-satellite.
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Two teenagers have been charged with assault after a video was posted on Facebook showing a boy being bullied by a gang of youths in Swindon.