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June 05, 2014 AT 5:24 AM
President Barack Obama on Thursday encouraged Russia to open talks with the new government coming into power in Ukraine or face continuing costs imposed by the world's leading economies if its provocations continue. Obama emerged from two days of meetings with the Group of Seven saying it was a chance for the gathered leaders to make sure they are in "lockstep" on a strategy going forward in uncertain times in Ukraine. He urged Russian President Vladimir Putin to "enter into a dialogue" with President-elect Petro Poroshenko, who is being inaugurated Saturday after winning the May 25 election. Obama said, "Russia needs to seize that opportunity."