President Joe Biden on Tuesday urged Russia to choose diplomacy with the U.S. and its allies over the standoff with Ukraine, but said Washington and its partners “will not hesitate to respond” if Moscow invades its neighbor.
Earlier, Russian President Vladimir Putin said negotiations are still possible in the standoff over Ukraine and his Defense Ministry said it was pulling back some troops from near the border, The Wall Street Journal reported. But Western leaders were uncertain about how to read the Kremlin’s messages since other Russian military activities were continuing, the Journal noted.
Now see: Stocks end sharply higher as Ukraine tensions show tentative signs of easing
Speaking at the White House, Biden said that the U.S. had not verified that Russian units had returned home. An invasion remains “distinctly possible,” the president said.
“We should give the diplomacy every chance to succeed, and I believe there are real ways to address our respective security concerns,” he said.
Biden also warned of an impact on energy prices for U.S. consumers if Russia were to invade, saying, “I will not pretend this will be painless.”
Also read: Oil ends down by nearly 4% from a 7-year high as Russia says some troops returning to base
“We’re preparing to deploy all the tools and authority at our disposal to provide relief at the gas pump,” he said.
Oil prices
CLH22,
slumped on Tuesday, meanwhile, as U.S. stocks
SPX,
rose and bond yields
TMUBMUSD10Y,
climbed as investors saw an easing of tensions over Ukraine.
