US Deputy Secretary of State Wendy R. Sherman and her Russian counterpart

US Deputy Secretary of State Wendy R. Sherman concluded the round of the Strategic Stability Dialogue with her Russian counterpart Sergey Lavrov in Geneva.

The US delegation heard Russia’s security concerns and shared its own, according to a statement by the US Foreign ministry.

On her account, Sherman clarified that the United States "would welcome genuine progress through diplomacy” with Russia.

US Deputy Secretary of State also made it clear that “if Russia further 'invades' Ukraine, there will be significant costs and consequences.”

“We are very ready and aligned with our partners and allies to impose those severe costs. Those costs will include financial sanctions, and it’s been reported those sanctions will include key financial institutions, export controls that target key industries, enhancement of NATO force posture on allied territory, and increased security assistance to Ukraine,” she added.

Sherman further claimed that the US does not make decisions for other countries, reiterating the US stance that there will be no talks on European security without European allies and partners.

Furthermore, she divulged that she will travel to Brussels to meet with NATO Secretary General Stoltenberg and brief the North Atlantic Council.

The meetings will take place before the NATO-Russia Council on Wednesday, where Sherman will lead the US delegation.

The round of the Strategic Stability Dialogue comes as the West repeatedly accuses Moscow of a troop buildup on the border with Ukraine and preparing for a military invasion - accusations Russia has long been denying.

The West had previously threatened Russia with "heavy sanctions", but Russian President Vladimir Putin said earlier this month Moscow pursues a peaceful foreign policy; however, it has the right to defend its security.