Innovation summit in Washington

The Russian and US presidents held closed-door talks for two hours in the Oval Office, and it's understood they discussed trade and economic ties as well as a number of international issues.

The leaders talked about Russia's accession to the World Trade Organization, Iran's nuclear program, tension on the Korean peninsula and violence in Kyrgyzstan.

Dmitry Medvedev and Barack Obama have held a joint news conference.

After the news conference, Medvedev and Obama met Russian and American businessmen. Later on, the Russian president will go to the Senate and the House of Representatives.

The Russian president arrived in the U.S. capital from California early this morning following a visit to Silicon Valley.

Russia is aiming to enhance its political system and doesn't need lectures from anyone else – that is just one of the highlights from Medvedev's speech and Q&A session at Stanford University.

“Russia is a country with a young democracy. Our political system is constantly developing. Of course, the fundamental elements are all there; they are defined by our Constitution. At the same time, we can still make mistakes, and we are willing to enhance our political system. We will do this on our own, however, and we don’t need to be lectured by outsiders,” stated Medvedev.

The political “reset” between Russia and the U.S. is on and now the two presidents are trying to establish a reset in bilateral economic ties because business between Russia and the U.S. has not been going too well.

The U.S. has still not lifted restrictions to Russia’s access to technologies, a measure inherited from the Cold War. This has become a major obstacle for Russia-U.S. economic relations, as well as an obstacle to Russia’s joining the World Trade Organization.

This visit to the U.S. is Medvedev’s second in just two months. In April he attended a nuclear security summit in Washington.