"This weekend, I spoke again with President Putin to make clear that we are ready to keep pursuing high-level diplomacy," Biden said. "President Putin and I agreed that our teams should continue to engage toward this end along with our allies and partners."

Biden said the United States has not verified that Russian military units concluding exercises near the border with Ukraine are returning to their home bases but it would be a good sign.

"The Russian Defense Minister reported today that some military units are leaving their positions near Ukraine, that would be good, but we have not yet verified that," Biden said during a press conference. "We have not yet verified the Russian military units are returning to their home bases."

A potential Russian invasion of Ukraine would have domestic consequences that Americans understand come with defending democracy abroad, US President Joe Biden said.

"To be clear, if Russia decides to invade, that would also have consequences here at home, but the American people understand that defending democracy and liberty is never without costs," Biden said during remarks at the White House.

An invasion could impact the energy market and prices in the United States, so the administration is taking steps to alleviate pressure on the market and offset raising prices, Biden added.