United States President Joe Biden warned his Russian counterpart Vladimir Putin during their videoconference on Tuesday that in the event of a military escalation with Ukraine Russia will face serious economic measures among others, the White House said.

"President Biden... made clear that the U.S. and our Allies would respond with strong economic and other measures in the event of military escalation [with Ukraine]," the White House said.

Biden also relayed the concerns of Washington and allies about a Russian military buildup near Ukraine, it said.

"President Biden voiced the deep concerns of the United States and our European Allies about Russia's escalation of forces surrounding Ukraine," the statement said.