The US and its European allies urge Moscow to de-escalate, amid fears it could invade Ukraine.
According to US media reports, possible measures include restrictions on Russia's banks or its access to global financial payment systems. But officials say Washington is not planning a US military response.US State Department spokesman Ned Price said how Washington responds would depend on Moscow's actions.
He said: "If Russia chooses to fail to de-escalate, if Russia chooses to move forward with any plans it may have developed to continue its military aggression or to aggress militarily upon Ukraine, to violate Ukraine's sovereignty, its independence, its territorial integrity, we and our allies would be prepared to act, we would be prepared to act resolutely."A large part of the recent Russian military build-up is in Crimea, which Russia annexed from Ukraine in 2014.
Troops are also gathering near Ukraine's eastern Donbas region, the name for parts of Luhansk and Donetsk regions under the control of separatists.But the Kremlin has blamed "aggressive and hostile rhetoric" from Western countries for stoking tensions. Mr Putin's press secretary, Dmitry Peskov, said the Russian president would "listen with great attention" to Mr Biden's proposals on Ukraine.
"There is only one way to defuse tensions - to understand how to ensure against the possible intentions of Kyiv to solve the Donbas problem through force," he added.
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