Biden agrees to meet with Putin if Russia does not invade Ukraine.

• President Biden has agreed to a meeting with Putin in a last-ditch effort at diplomacy over tensions surrounding Ukraine.
• Jen Psaki, the White House press secretary, stated that President Biden is open to meeting with President Putin if an invasion hasn't occurred, and that the administration is always prepared for diplomacy.

Joe Biden has agreed to meet with Vladimir Putin in principle, potentially marking a final attempt at diplomacy over the tensions surrounding Ukraine and a possible way to prevent a potential invasion from Moscow.

The White House press secretary, Jen Psaki, announced on Sunday evening that the summit between the two world leaders will take place after a meeting between Secretary of State Antony Blinken and Russian Foreign Minister Sergey Lavrov, which is scheduled for later this week.

Psaki stated that the agreement is contingent on Moscow refraining from an invasion.

President Biden is open to meeting with President Putin if an invasion hasn't occurred, as diplomacy remains the preferred approach, as the President has consistently stated.

According to Reuters, the Kremlin stated on Monday that there were no specific plans for a meeting between Putin and Biden.

The possibility of a one-on-one meeting between Biden and Putin emerges as the White House issues a warning that a Russian invasion of Ukraine could occur at any moment. For weeks, Russia has been increasing its military presence on Ukraine's northern and eastern borders, with recent estimates indicating that Russia's forces are now approximately 190,000 strong.

For weeks, global markets have been volatile due to the threat of an assault by Russia, causing oil prices to rise.

The S&P 500, which measures the performance of the largest U.S. companies, has fallen 3.69% in February, while the Dow Jones Industrial Average has dropped 4.8%. However, the Nasdaq Composite has risen 4.2% over the past month.

Earlier on Sunday, Biden abandoned plans to return to his Delaware home after a two-hour meeting with his national security team due to the possibility of an immediate conflict.

The National Security Council met on Sunday for a rare meeting that lasted around two hours, according to reports. The cancellation of the president's holiday-weekend plans has added significance due to the administration's concerns about a potential Russian offensive.

Biden had a call with French President Emmanuel Macron, who has become a key diplomat between the U.S. and Russia over the past few days. Macron's office stated that he spoke with Biden, Putin, Johnson, Scholz, and Zelenskyy this weekend alone.

Moscow has stated that it has no plans to invade Ukraine and that its troops in Belarus are only there for military exercises.

Although the U.S. has expressed concerns that Russia may strike at any moment, the White House has emphasized the possibility of diplomacy. NATO Secretary General Jens Stoltenberg also appeared to leave room for a peaceful resolution when he spoke with CNBC's Hadley Gamble at the Munich Security Conference on Saturday.

Stoltenberg stated that Russia possesses all the necessary capabilities to launch an attack on Ukraine without any warning. However, the question remains whether they will actually execute such an attack.

On Saturday, Russia's military conducted a planned exercise of its strategic deterrence forces by launching ballistic and cruise missiles, according to the Kremlin.

— CNBC’s Christina Wilkie contributed reporting