MOSCOW, July 7 (RIA Novosti) - U.S. President Barack Obama met with former Soviet leader Mikhail Gorbachev on Tuesday during his visit to Moscow, the head of the Gorbachev Foundation press service said.

The talks were held in downtown Moscow's Gostiny Dvor conference centre, where Obama addressed graduates of the capital's New Economic School.

"Although Obama was late, the meeting lasted for 15 minutes as it had been planned. It was not rushed. It was interesting and substantial. They both were satisfied with it," Pavel Palazhchenko said.

He added that following the meeting Gorbachev stayed to listen to the Obama's speech to the graduates.

Gorbachev and Obama first met in Washington in March 2009. At that time, the former Soviet leader and the U.S. president discussed arms reduction.

Obama and Russian President Dmitry Medvedev signed on Monday a preliminary agreement to cut nuclear arsenals to 1,500-1,675 operational warheads within seven years of a new arms reduction treaty coming into force.