Addressing an audience including former Soviet leader Mikhail Gorbachev and graduates at a Moscow business school, Obama said Washington wants to work in partnership with a "strong, peaceful and prosperous Russia."
"This belief is rooted in our respect for the Russian people, and a shared history between our nations that goes beyond competition," he said.
On Monday, Obama met with Russian President Dmitry Medvedev and concluded a series of agreements - including one on nuclear arms reduction - as part of an effort to strengthen ties between the former Cold War rivals.
The two-day summit in Moscow was needed to help "reset" a relationship that, according to Obama, "has suffered from a sense of drift" in recent years.
The president reiterated that in his speech Tuesday.
"This must be more than a fresh start between the Kremlin and the White House, though that is important. ... It must be a sustained effort among the American and Russian people to identify mutual interests, and to expand dialogue and cooperation that can pave the way to progress."
I would like to make it absolutely clear to obama that the Russian people and I have no mutual interests upon which to expand. Is this the same Russia that built the Berlin wall? the same Russia that put missiles in Cuba? The same Russia that was going to bury us without firing a shot? Am I the only one who understands the Russians think they can accomplish what the Japs attempted in 1941 and failed misurably to accomplish. The world does not like us. Not because of George W Bush as so many of you claim, but because of what we have achieved and become as a nation in a short 233 years.
This is a great start to a growing and prosperous relationship. Hopefully Russia doesn't invade anymore countries.
This man is doing great things. Keep up the good work Mr President.