U.S. President Joe Biden has said that Russia is not too late to de-escalate and choose the path of diplomacy, but in the event of an invasion of Ukraine, the United States is ready to impose severe sanctions.

"The West is united and resolved. We're ready to impose severe sanctions on Russia if it further invades Ukraine. But I say again: Russia can still choose diplomacy. It is not too late to de-escalate and return to the negotiating table," Biden said during a press conference from the White House on Friday.

He noted that a preliminary agreement had been reached on a meeting between Russian Foreign Minister Sergei Lavrov and U.S. Secretary of State Antony Blinken on February 24 in Europe.

"But if Russia takes military action [aggression against Ukraine] before that date, it will be clear that they have slammed the door shut on diplomacy. They will have chosen war, and they will pay a steep price for doing so," he said.