In a secure video call Tuesday President Joe Biden and Russian President Vladimir Putin spoke for roughly two hours amid escalating tensions between the two nations.
The White House said Biden voiced "deep concerns" that the U.S. and its European allies share regarding Russia's military buildup along the Ukrainian border.
PUTIN SETS WORLD ON EDGE AMASSING RUSSIAN TROOPS ALONG UKRAINE BORDER
The president also reportedly "made clear that the U.S. and our Allies would respond with strong economic and other measures in the event of military escalation," according to a White House statement.
The administration has yet to release any specific details on what economic tactics it will use first, but Fox News learned Monday the White House may be looking to block Russia from the SWIFT international banking system.
BLINKEN WARNS RUSSIA: US WILL USE 'HIGH IMPACT' ECONOMIC TACTICS TO DETER AGGRESSION AT UKRAINE BORDER
In April, the European Parliament signed a nonbinding resolution that would cut Russia off from the banking network should it invade Ukraine.
The U.S. has not officially taken a position on the resolution, but sources tell Fox News that Russia would view any move by the United States as an act of "economic warfare."
"President Biden reiterated his support for Ukraine's sovereignty and territorial integrity and called for de-escalation and a return to diplomacy," the White House said in a statement following the call.
Both Biden and Putin have tasked their administrations to "follow up" on the days talks.
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The administration said it will work in "close coordination" with allies in Europe including France, Germany and the United Kingdom to observe the Kremlin's actions.
Biden and Putin separately discussed the "US-Russia dialogue on Strategic Stability," countering ransomware and regional issues that included Iran.
Jacqui Heinrich contributed reporting