‘Greetings, Mr. President’: Biden and Putin Hold 2-Hour Virtual Summit

President Biden said a Russian invasion of Ukraine would result in heavy economic penalties for Mr. Putin, in a tense meeting.

WASHINGTON — President Biden warned President Vladimir V. Putin of Russia on Tuesday that an invasion of Ukraine would result in heavy economic penalties for him and lead NATO to reposition its troops in Europe, measures that he said would go well beyond the West’s response to Russia’s annexation of Crimea seven years ago.

In a two-hour, secure video conference that American and Russian officials both described as tense but occasionally pierced by humor, Mr. Biden also said an invasion could end Russia’s hopes of completing the Nord Stream II gas pipeline to Europe, which would be a major new source of energy revenue.

It is too early to tell whether the much-anticipated conversation, whose details were hard to elicit as both the White House and the Kremlin put their spin on it, will alleviate the immediate crisis in Ukraine, where roughly 70,000 Russian troops have massed, with more equipment and personnel arriving every day.