US President Obama held a telephone conversation with his Russian counterpart Vladimir Putin on Tuesday regarding the rising tensions in Ukraine and the need for a peaceful resolution to the conflict, as stated in a White House press release.

Obama has also reinstated his support for the territorial sovereignty of Ukraine, urging Putin to take the chance and asist in the peaceful resolution of the conflict at the Minsk negotiations to be held on Wednesday.

He added that ''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 Minsk summit will have a four-way format with representatives from Russia, France, Germany and Ukraine.

Earlier on Wednesday, France’s Foreign Minister Laurent Fabius said in an interview for Inter radio station that German Chancellor Angela Merkel and French President Francois Hollande are still debating whether they should also attend. He added that they most probably will.

Fabius said that there are two main issues to be discussed - the future of Ukraine's eastern regions and the possible measures to implement the agreed on policy.

"The Ukrainian government agrees with the principle of decentralization, which is absolutely legitimate," the minister said, quoted by TASS information agency. "France will act as a mediator on the issue."

Both Russia and the US have formally stated their support for a peaceful resolution to the conflict in previous public statements.

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