Barack Obama calling Vladimir Putin
Flickr/The White House
President Barack Obama spoke by telephone with Russian President Vladimir Putin Saturday afternoon, hours after the Russian parliament's approval of military force in the Ukrainian region of Crimea.
The White House said that the call lasted for approximately 90 minutes,, with Obama calling Russia's plans for intervention a "clear violation of Ukrainian sovereignty and territorial integrity." The White House said that the U.S. condemns Russia's military action in Ukraine as a "breach of international law," one that could hurt Russia's standing in the world and lead to "political and economic isolation."
Here's the full White House readout of the call:
President Obama spoke for 90 minutes this afternoon with President Putin of Russia about the situation in Ukraine. President Obama expressed his deep concern over Russia’s clear violation of Ukrainian sovereignty and territorial integrity, which is a breach of international law, including Russia’s obligations under the UN Charter, and of its 1997 military basing agreement with Ukraine, and which is inconsistent with the 1994 Budapest Memorandum and the Helsinki Final Act. The United States condemns Russia’s military intervention into Ukrainian territory. 
The United States calls on Russia to de-escalate tensions by withdrawing its forces back to bases in Crimea and to refrain from any interference elsewhere in Ukraine. We have consistently said that we recognize Russia’s deep historic and cultural ties to Ukraine and the need to protect the rights of ethnic Russian and minority populations within Ukraine.  The Ukrainian government has made clear its commitment to protect the rights of all Ukrainians and to abide by Ukraine’s international commitments, and we will continue to urge them to do so. 
President Obama told President Putin that, if Russia has concerns about the treatment of ethnic Russian and minority populations in Ukraine, the appropriate way to address them is peacefully through direct engagement with the government of Ukraine and through the dispatch of international observers under the auspices of the United Nations Security Council or the Organization for Security and Cooperation in Europe (OSCE).  As a member of both organizations, Russia would be able to participate. President Obama urged an immediate effort to initiate a dialogue between Russia and the Ukrainian government, with international facilitation, as appropriate. The United States is prepared to participate.
President Obama made clear that Russia’s continued violation of Ukraine’s sovereignty and territorial integrity would negatively impact Russia’s standing in the international community. In the coming hours and days, the United States will urgently consult with allies and partners in the UN Security Council, the North Atlantic Council, the Organization for Security and Cooperation in Europe, and with the signatories of the Budapest Memorandum. The United States will suspend upcoming participation in preparatory meetings for the G-8. Going forward, Russia’s continued violation of international law will lead to greater political and economic isolation.
The people of Ukraine have the right to determine their own future. President Obama has directed his Administration to continue working urgently with international partners to provide support for the Ukrainian government, including urgent technical and financial assistance. Going forward, we will continue consulting closely with allies and partners, the Ukrainian government and the International Monetary Fund, to provide the new government with significant assistance to secure financial stability, to support needed reforms, to allow Ukraine to conduct successful elections, and to support Ukraine as it pursues a democratic future.
The Kremlin said in a statement that Obama initiated the call. It said that Obama expressed concern about the use of military force in Ukraine, but Putin asserted the right to protect Russia and Russian-speaking citizens in the Crimea region. 
A senior Obama administration official said that members of Obama's national security team met Saturday at the White House to "discuss potential policy options" in response to Russia's plans for intervention. Obama did not attend, but was briefed on the meeting.
"The President's national security team met today to receive an update on the situation in Ukraine and discuss potential policy options," the senior administration official said. "We will provide further updates later this afternoon."
Obama said in a statement from the White House on Friday there would be "costs" if Russia intervened in Ukraine. This prompted the upper house of Russia's parliament then recommended that the Russian ambassador in Washington be recalled.