Ahead of his first direct talks with Putin since July, Biden consulted with European allies on Monday to discuss plans for sanctions against Russia and seek a strong allied stance in support of Ukraine's territorial integrity and sovereignty.
Biden spoke to French President Emmanuel Macron, German Chancellor Angela Merkel, Italian Prime Minister Mario Draghi, and British Prime Minister Boris Johnson.
They called on Russia to de-escalate tensions and return to diplomacy and said their teams will stay in close touch, including in consultation with NATO allies and EU partners, on a "coordinated and comprehensive approach," the White House said.
Biden's team has identified a set of economic penalties to impose should Russia launch an invasion, a senior Biden administration official said.
A separate source familiar with the situation said targeting Putin's inner circle has been discussed but no decision had been made. Sanctions against Russia's biggest banks and the ability to convert rubles into dollars and other currencies were also being considered, another source said.
The senior Biden administration official said Biden would warn Putin of severe economic penalties if he launches a war.
The United States has urged both countries to return to a set of agreements signed in 2014 and 2015 and designed to end a separatist war by Russian-speakers in eastern Ukraine.
International tensions have risen steadily over Ukraine and the Black Sea region. Russia's Defense Ministry said on Friday it had scrambled fighter jets to escort two U.S. military reconnaissance planes over the Black Sea.
On Monday, U.S. General Mark Milley, Chairman of the Joint Chiefs of Staff, met virtually with all the NATO chiefs of defense about "significant security developments across Europe."
At the United Nations, spokesman Stephane Dujarric told reporters on Monday the meeting between Biden and Putin “is extremely important, given the current context of what we see going on in many parts of the world."
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