The US Senate last week confirmed businessman, veteran diplomat and former presidential candidate Jon Huntsman as ambassador to Russia, filling a crucial post at a time when ties are at dangerously low ebb.
"As far as bilateral ties with the United States are concerned, their current level cannot be satisfying," Putin said at the Kremlin after he received diplomatic credentials from Huntsman.
"We are in favour of constructive, predicable and mutually beneficial cooperation. We are convinced it should be based on the meticulous adherence to the principles of equality, respect of national interests and non-interference in domestic affairs."
Putin's spokesman Dmitry Peskov said earlier Tuesday that the Russian president wanted to restore ties with US but stressed he could not do it alone.
"So far there are certain problems when it comes to reciprocity," Peskov told reporters.
"But we hope that with the new ambassador at the helm at least the US diplomatic mission in Moscow will be able to contribute to the restoration of our relations."
US President Donald Trump has pledged to improve ties between the two countries which slumped to their lowest point since the Cold War over the Ukraine crisis.
The 57-year-old Huntsman, who served as governor of Utah, has worked in numerous US administrations, notably as ambassador to China under Democrat president Barack Obama, before running unsuccessfully for president as a Republican in 2012.
Huntsman said during his confirmation hearing last week that there is "no question" Russia interfered in the US presidential race and that Moscow continues to "threaten stability" in Europe.
Huntsman will be performing one of the most difficult jobs on the diplomatic circuit.
One of his predecessors, Michael McFaul, left the post after just two years in Russia.
His successor, career diplomat John Tefft was summoned out of retirement and served as US ambassador to Russia between 2014 and 2017.
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