As world leaders, finance ministers and central bank managers convene in London shortly before the G20 summit tomorrow, initial talks between U.S. President Barack Obama and Russian President Dmitry Medvedev have unearthed a preliminary agreement to mutually reduce nuclear arsenals, indicating a new level of cooperation between the two powers.

During a meeting at Winfield House in Regent’s Park, London, the two world leaders were photographed warmly shaking hands as discussions regarding the reduction of strategic nuclear warheads were concluded. The agreement is only verbal as of yet, and with the present accord due to expire in December of this year there is a challenge to develop a new agreement soon — a challenge which both Obama and Medvedev are both willing to accept. Talks would begin “immediately”, according to statements, and a joint review has already been scheduled for July of this year.

The progress made today, according to Obama, signified “the beginning of new progress in the U.S.-Russian relationship,” a sign that the days of suspicion between the superpowers reminiscent of the Cold War are “long over”. Some experts hypothesize that a recent increase in Russian willingness to hear U.S. demands stems from the over 65% drop in crude oil prices experiences through the financial crisis; Russia is the second largest oil producing country in the world, with 2007 estimates claiming around 9,870,000 barrels produced per day. It has been suggested that the damage to Russia’s economic standing reduces its capacity to directly challenge the United States.

Current limits on nuclear warhead deployment stand at 2,200 as stipulated by the Moscow Treaty, signed in 2002 — this number may prove difficult for Russia to maintain, given the dilapidated state of many of the deployed warheads. Of the 10,000 warheads currently possessed by the Kremlin, it is suspected that only around one quarter of them will remain operational for any considerable duration. The willingness of Mr. Medvedev to reach a deal suggests that the efficacy of the Russian nuclear stockpile will be diminished dramatically in the near foreseeable future, and it would serve the Kremlin best to bring U.S. capabilities to around the same level.

When President Obama visits Moscow in July, it is hoped that the U.S., which is reportedly fully capable of maintaining the level of 2,200 strategic warheads, will agree to reduce the number considerably — preventing a disparity between nuclear capabilities.

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