Washington, Feb 13 (IANS): US President Joe Biden and Russian President Vladimir Putin held a phone conversation Saturday over the situation in Ukraine.

During the call, which lasted for about one hour, the two leaders discussed situation in Ukraine and related security issues, Xinhua news agency reported, citing the White House's statement and the Kremlin.

The White House said Biden made it clear to Putin "while the United States remains prepared to engage in diplomacy," it is "equally prepared for other scenarios".

Russia has not received a substantive response from the US on security guarantees, Sputnik reported, quoting Kremlin aide Yuri Ushakov.

Russia will soon submit its response to the US and NATO on security guarantees, Ushakov said, adding the two leaders agreed to continue contacts.

Direct engagements between the US and Russia have yielded little substantial progress, with the Kremlin saying the White House failed to address its key security concerns and the Biden administration repeatedly warning Putin's government of severe economic sanctions if it were to invade Ukraine.