IN HIS cabin aboard Air Force One, returning to Washington, DC, from Kansas City, Barack Obama talked with John Micklethwait and Edward Carr from The Economist. The president was unusually relaxed and contemplative, buoyed by the recent economic numbers and looking towards his legacy as well as the mid-term elections and his wrangles with Congress. Because the interview took place on board a plane with three people hunched round a microphone, the sound quality is less than perfect. In these edited highlights from the conversation, Mr Obama discusses America's relationship with Russia. A transcript (lightly edited for clarity) appears below.

The president also shared his thoughts on Africa, China, multilateralism and American business; the full interview (with transcript) can be foundhere.

The Economist: You tried to reset with Russia. Angela Merkel spent the whole time telephoning Vladimir Putin. To what extent do you feel let down almost personally by what’s happened?

Mr Obama: I don’t feel let down. We had a very productive relationship with President Medvedev. We got a lot of things done that we needed to get done. Russia I think has always had a Janus-like quality, both looking east and west, and I think President Putin represents a deep strain in Russia that is probably harmful to Russia over the long term, but in the short term can be politically popular at home and very troublesome abroad.

But I do think it’s important to keep perspective. Russia doesn’t make anything. Immigrants aren’t rushing to Moscow in search of opportunity. The life expectancy of the Russian male is around 60 years old. The population is shrinking. And so we have to respond with resolve in what are effectively regional challenges that Russia presents. We have to make sure that they don’t escalate where suddenly nuclear weapons are back in the discussion of foreign policy. And as long as we do that, then I think history is on our side.