Minsk

President Joe Biden spoke with Russian President Vladimir Putin today via video conference for just over two hours, the second time in six months that the two leaders have engaged in a face-to-face conversation. For Biden, the message he sought to deliver was strict and to the point: if you, Mr. Putin, go ahead and order a second invasion of Ukraine in nearly eight years, you can expect a raft of economic penalties that will negatively effect everything from Russia’s access to the SWIFT payment system to the ability of Russian banks to convert rubles into dollars. For the security-minded Putin, the meeting was an opportunity to press Biden on his principal demand: a written legal guarantee from Washington and the rest of NATO that Ukraine will not be invited into the alliance.