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February 28, 2014 AT 3:19 PM
President Barack Obama warned Russia that military intervention in Ukraine would lead to "costs," as tension with old foe President Vladimir Putin rose in a Cold War-style crisis. "We are now deeply concerned by reports of military movements taken by the Russian Federation inside of Ukraine," he told reporters. A U.S. official said, Obama and European leaders would consider skipping a G8 summit this summer in the Russian city of Sochi if Moscow intervenes militarily in Ukraine.