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US warns Russia 'costs will rise' unless peace deal agreed

The White House said President Barack Obama urged Russian President Vladimir Putin in a phone call to agree to a peace deal.

"If Russia continues its aggressive actions in Ukraine, including by sending troops, weapons, and financing to support the separatists, the costs for Russia will rise," the White House statement added.

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Russia: Agreement on peace in Ukraine 70% likely

Leaders from Russia, Ukraine, France and Germany are meeting at peace talks. Credit: Reuters/Mikhail Klimentyev/RIA Novosti/Kremlin

A Russian diplomatic source has said a peace deal on Ukraine is 70 per cent likely to be reached at talks today being held in Minsk, reports Reuters.

The source added that Russian President Vladimir Putin and Ukraine's leader Petro Poroshenko were not "travelling to Minsk for no reason".

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