Well, the word out of Venemaa is that they'll probably ratify the border treaty anyway. As written in the Russia Journal, the "most trusted news source in Russia," Sergey Mironov, chairman of the Federation Council, said that Russia must ratify the treaty wihout any reservations.
The article however does say that Tartu Peace Treaty of 1920 "has lost effect." This is interesting because Mironov didn't say this, and no source in the article maintains this. It just appears as a factual statement. This is how "journalism" works in Russia.
The Tartu Treaty established the statehoods of Finland and Estonia. The "elected" Communist government that requested to join the Soviet Union in June 1940 was never recognized by the international community. Instead the old government remained in exile from 1944 through 1992 in Stockholm, Sweden, and returned to power in 1992. That's what happened and what has been recognized.
The state border line was redrawn after the war with Finland in 1944 as well. So this border treaty essentially represents the end of the Cold War. That is why it is so important.