opt out - не принимать участия, уклоняться
Putin opts out of G-8 summit.
venue - место проведения, location
The Obama administration had moved the gathering to the Camp David presidential retreat in Maryland from the planned venue in Chicago partly to accommodate Putin.
reiterate [rɪ'ɪt(əreɪt] - повторять
substantial [səb'stæn(t)ʃ(əl] - существенный, важный
"The two presidents reiterated their interest in the sustained high-level dialogue that has characterized the reset of relations and the substantial progress of the last three years," since Obama took office, the White House said in a statement outlining the phone call Wednesday.
И просто эпик =)