U.S. President Joe Biden and Russian President Vladimir Putin have begun their much-anticipated meeting at the 18th-century lakeside Villa La Grange in Geneva, hoping that the talks, expected to continue till late Wednesday evening India time, will be "productive".

This is the first face-to-face meeting between the two leaders since Biden took over as the US President, earlier this year.

The two Presidents were welcomed at the historic villa by Swiss President Guy Parmelin who wished that both have a "fruitful dialogue in the interest of two countries and the world" in the "city of peace".

Biden and Putin then stood outside the villa, shook hands, posed for the photographers, before moving inside the villa for the first meeting which will be followed by an expanded bilateral meeting. US Secretary of State Antony John Blinken and Russian Foreign Minister Sergey Lavrov are also attending the meeting.

"Mr. President, I want to thank you for your initiative of today’s meeting," Putin said in his opening remarks according to the Russian news agency Tass.

"I know that you had a long trip, a lot of work. Nevertheless, many issues that require top-level discussion have accumulated in Russian-American relations. I hope that our meeting will be productive," said the Russian President.

Reuters reported that Biden responded with "It is always better to meet face to face."