US President warns Russia of 'costs' over its dispute with Ukraine

President Barack Obama warned Russia on Wednesday that the West will be forced to apply a cost to Moscow if it fails to change course in its dispute with Ukraine.

Obama held face-to-face talks with new Ukrainian Prime Minister Arseny Yatseniuk in the Oval Office and told reporters with Yatseniuk seated at his side that, “We will stand with Ukraine.”

Yatseniuk said Ukraine stands ready for talks on the crisis, and said, “We fight for our freedom, we fight for our independence, we fight for our sovereignty,” and vowed, “We will never surrender” to Russia.