On Saturday, US President Joe Biden claimed he informed Russian President Vladimir Putin that if Russia invaded Ukraine, it would pay a horrible price and face disastrous economic consequences.

Biden, who spoke with Putin over the phone for two hours last week, said he made it clear to the Russian leader that an incursion into Ukraine would have a significant impact on Russia’s global status.

“I made it crystal clear to President Putin that if he pushes on Ukraine, the economic ramifications will be disastrous for his economy,” he warned.

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Following a summit in Liverpool on Saturday, foreign ministers from the Group of Seven richest democracies conveyed a similar message to Moscow, warning of catastrophic repercussions for any incursion and encouraging Moscow to return to the negotiating table.

“G7 finance ministers will meet virtually on Monday to evaluate economic problems, particularly inflation,” authorities said. “They will also discuss potential penalties against Russia if it moves against Ukraine.”

Russia has been accused by Ukraine of massing tens of thousands of troops in preparation for a large-scale military invasion.

Russia rejects any strike plans and blames Ukraine and the US of destabilizing behavior, claiming that it need security guarantees for its own safety.

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