U.S. president Joe Biden (L) and Russian President Vladimir Putin meet during the U.S.-Russia summit at Villa La Grange on June 16, 2021 in Geneva, Switzerland.
Peter Klaunzer | Getty Images
President Joe Biden has accepted “in principle” a meeting with Russian President Vladimir Putin in what could represent a last-ditch effort at diplomacy over tensions surrounding Ukraine and a possible avenue to avert a looming invasion directed by Moscow.
Jen Psaki, the White House press secretary, said Sunday evening that the summit between the two world leaders would happen following a meeting between Secretary of State Antony Blinken and his Russian counterpart, Foreign Minister Sergey Lavrov. That meeting is scheduled for later this week.
Psaki noted that the agreement is conditioned on Moscow holding off on an invasion.
“As the President has repeatedly made clear, we are committed to pursuing diplomacy until the moment an invasion begins,” Psaki said in a statement. “President Biden accepted in principle a meeting with President Putin following that engagement, again, if an invasion hasn’t happened. We are always ready for diplomacy.”
News of a possible one-on-one between Biden and Putin comes as the White House warns that a Russian invasion of Ukraine could come at any time. Moscow has for weeks built up its military force on its neighbor’s northern and eastern borders, with recent totals putting Russia’s force at about 190,000.
The threat of a land assault by Russia has kept global markets on edge for much of the last several weeks, with oil prices climbing and equities volatile.
The broad S&P 500, which tracks the equity performance of the largest U.S. companies, is down 3.69% in February, while the Nasdaq Composite has shed 4.8%. West Texas crude oil futures have gained 4.2% over the past month.
The potential for imminent conflict forced Biden earlier on Sunday to scrap plans to return to his home in Delaware following a two-hour meeting with his national security team.
The rare Sunday National Security Council meeting began around noon and lasted a little over two hours, according to reporters who watched the attendees arrive and then depart the White House compound.
While U.S. intelligence officials have warned that a Russian attack could come at any point, the White House has in recent days stressed that there’s still room for diplomacy. NATO Secretary General Jens Stoltenberg appeared to leave room for a peaceful solution when he spoke with CNBC’s Hadley Gamble at the Munich Security Conference on Saturday.
“They have all the capabilities in place, Russia, to launch an attack on Ukraine without any warning at all. No one is denying that Russia has all these forces in place,” Stoltenberg said. “The question is, will they launch an attack?”
Those comments came as Russia’s military launched ballistic and cruise missiles on Saturday, an exercise the Kremlin called a “planned exercise of the strategic deterrence forces.”
— CNBC’s Christina Wilkie contributed reporting
