US President Barack Obama and his Russian counterpart, Dmitry Medvedev, have approved a landmark arms reduction accord. The deal is aimed at cutting the nuclear arsenals of both countries.

The new US-Russia arms control agreement was finally sealed after months of deadlock in negotiations to replace the 1991 START Treaty.

Sergei Lavrov, Russian Foreign Minister, said, "There was a phone conversation Friday between President Medevdev and President Obama. They agreed to hold the signing ceremony for the pact on April 8th in Prague."

The accord limits both sides to 1,550 warheads apiece -- about 30 percent fewer than the number allowed by the previous deal. It also restricts each country to 700 deployed missiles and bombers.

In Russia, Dmitry Medvedev's spokeswoman said the agreement reflects the balance of interests for both nations.

Barack Obama pointed that, by upholding their commitment to non-proliferation, the US and Russia were strengthening global efforts to stop the spread of nuclear weapons.

Barack Obama, US President. said, "It significantly reduces missiles and launchers. It puts in place a strong and effective verification regime. And it maintains the flexibility that we need to protect and advance our national security, and to guarantee our unwavering commitment to the security of our allies."

The White House says the new treaty will not place any constraints on US missile defense programs, an issue which had been a sticking point in the negotiation process because of Russia's vehement opposition to such plans.

U.S. President Barack Obama comments on the new START nuclear arms reduction treaty at the White House with Secretary of State Hillary Clinton (L) and Defense Secretary Robert Gates in Washington, March 26, 2010. Obama and Russian President Dmitry Medvedev sealed an agreement on Friday on a landmark nuclear arms reduction treaty and will meet to sign it on April 8 in Prague, the White House said. [Xinhua/Reuters]