Russia, U.S. agree text of outline arms deal: report

MOSCOW (Reuters) - Russia and the United States have agreed the text of an outline deal on cuts to nuclear weapons that U.S. President Barack Obama is expected to announce with Kremlin chief Dmitry Medvedev, a Russian Foreign Ministry source was quoted as saying on Monday by the Interfax news agency.

Obama and Medvedev are likely to announce a so-called framework agreement on Monday evening at the Kremlin, giving detailed instructions to negotiators to produce a treaty ready for signing by December.

In December an existing pact known as START-1 regulating the number of long-range nuclear weapons expires.

(Reporting by Guy Faulconbridge, editing by Dmitry Solovyov)