Barack Obama and Vladimir Putin share cold, awkward handshake at global summit

The US and Russian leaders spoke for four minutes at an economic summit in Lima, Peru

US President Barack Obama (L) and Russia's President Vladimir Putin (2nd-R) shake hands before an economic leaders meeting at the Asia-Pacific Economic Cooperation Summit (Getty)

Barack Obama and Vladimir Putin have been caught in a frosty exchange as they coldly shook hands at an economic summit in what is likely to be their last face-to-face interaction.

The US and Russian presidents were seen speaking briefly as the opening session of the Asia-Pacific Economic Cooperations summit in Lima, Peru got underway on Sunday.

Both leaders stood off to the side together with aides close by and spoke for four minutes, according to the White House.

US President Barack Obama, behind left, shakes hands with Russia's President Vladimir Putin (AP)

The interaction was not heard by reporters, but the White House said Mr Obama called on Mr Putin to uphold his country's commitments under the Minsk deal aimed at ending the Ukraine conflict and addressed the crisis in Syria.

The conversation comes amid intense speculation that Mr Trump's shock election victory may pave the way for a more conciliatory US approach to Russia when the billionaire and business mogul takes office in January.

Mr Obama and Mr Putin have long-shared a strained relationship. Under the Obama administration the US has passed stringent sanctions on Russia over its behaviour in Ukraine and has unsuccessfully attempted to persuade Moscow to stop aiding Syrian President Bashar Assad in Syria’s civil war.

In the run-up to the US election, the US also accused Russia of trying to interfere in the election, including by hacking Democratic Party email systems.

Mr Trump and Mr Putin have suggested they may seek a less hostile relationship in the future.

Speaking about the interaction in a press conference in Peru, Mr Obama said he told Mr Putin he wants to reach a settlement that solves the Ukraine crisis before he leaves office in January.

"I talked to him about Ukraine and the need for us to get things done," he said.

US President Barack Obama (L) and Russia's President Vladimir Putin (2R) walk from each other after speaking and shaking hands before an economic leaders meeting (AFP/ Getty Images)

"I urged him to instruct his negotiators to work with ourselves, with France, with Germany, with Ukraine to see if we can get that done before my term is up."

Russia, which annexed Crimea from pro-Western Ukraine in 2014, backs a separatist, pro-Moscow insurgency in eastern Ukraine. It denies sending troops or weapons across its border to fuel the conflict, despite eyewitness testimony to the contrary.

German Chancellor Angela Merkel and French President Francois Hollande attempted in October to revive a stalled peace process during talks with Mr Putin and Ukrainian leader Petro Poroshenko in Berlin.

Attempts are also being made to draw up plan for applying the frayed 2015 Minsk peace accords following months of deadlock.

The White House said Mr Obama also called called for Secretary of State John Kerry and Russian Foreign minister Sergei Lavrov to keep working on initiatives with other countries to attempt to quell the violence in Syria.

Speaking of the their interaction later in Lima, Mr Putin said he and Mr Obama noted that while their working relationship had been difficult, they had "always respected each other's positions - and each other".

"I thanked him for the years of joint work, and said that at any time, if he considers it possible and will have the need and desire, we will be happy to see him in Russia," said Mr Putin.

Mr Putin also spoke of a recent phone call with the President Elect saying Mr Trump "reaffirmed his intent to normalise relations with Russia" and "naturally I said the same".

Mr Putin and Mr Obama are not expected to have any formal meetings while they are in Peru.

Additional reporting by Associated Press