"America cannot afford to be absent any longer on the world stage," Biden said in an address at the State Department.
Russia has said it is ready to cut ties with the European Union, in the latest escalation in tensions between the two sides.
"America is back, diplomacy is back," Biden said at the State Department.
The New Strategic Arms Reduction Treaty was set to expire this week.
Russian President Vladimir Putin is speaking at Davos Agenda, a virtual event organized by the World Economic Forum.
Experts say the protests could be more significant than previous unrest.
New White House press secretary Jen Psaki on Wednesday said President Joe Biden's first world leader call would be to Canada's Prime Minister Justin Trudeau.
The U.S. has had tense relationships with the two authoritarian states, which some experts said are challenging American leadership on the global stage.
The Dow was set to open higher Tuesday, one day after stocks gave up gains and closed lower.
The Dow was set to open higher Tuesday, one day after stocks gave up gains and closed lower.
Oil fell more than 1% on Friday and headed for a weekly drop as demand concerns raised by surging coronavirus cases in the United States and Europe overshadowed the prospect of an extension to OPEC-led supply curbs.
Oil prices rose on Wednesday, despite concerns that fuel demand will continue to falter as rising coronavirus cases across Europe and in the United States, the world's biggest oil consumer, could impede economic growth.
"We all need to be very practical and stop this rhetoric of trying to paint each other's vaccine black. It's very unhealthy, it's very unethical and very unproductive," said Kirill Dmitriev, chief executive of RDIF.
Leaders around the world have sent their best wishes to President Trump and first lady Melania Trump after the couple tested positive for the coronavirus.
Chrystia Freeland was named to the job after her predecessor, Bill Morneau, stepped down on Monday.
Alexander Lukashenko, in power for 26 years, has faced down a week of street demonstrations and refused demands for a re-run of an election protesters say was massively rigged.
President Donald Trump said that he hopes Russia's recently approved vaccine for the coronavirus works as scientists and public health officials worry whether it's safe.
U.S. equity futures indicated a rebound at Wednesday's open after the Dow and S&P snapped seven-session win streaks.
It is likely Trump will also address Joe Biden's selection of Sen. Kamala Harris to be his vice presidential running mate in this fall's election.
Scientists and public health officials are skeptical about President Vladimir Putin's claim Russia's potential coronavirus vaccine "works quite effectively."
