July 6, 2009 Obama in Russia: 'We must lead by example' Play video

(NECN: Moscow) - "We resolved to reset U.S.-Russian relations so that we can cooperate more effectively in areas of common interest," today said President Barack Obama after meeting with Russian President Dmitry Medvedev at a Moscow summit.

"The United States and Russia must lead by example," said Obama.

The two leaders signed a preliminary agreement to reduce the world's two largest nuclear stockpiles to as few as 1,500 warheads each.

The document is meant as a guide for negotiators as the nations work toward a replacement pact for the START arms control agreement that expires in December.

The joint understanding completed by Obama and Medvedev, signed after about three hours of talks at the Kremlin, also commits the updated treaty to lower longer-range missiles for delivering nuclear bombs to between 500 and 1,100. The limit for warheads would be no more than 1,675 each.

*Material from The Associated Press used in this report*