During the conversation, Putin warned his US counterpart against the attacks on Russian citizens in Crimea by the western-backed ultranationalists who support the new Kiev regime.
Putin told Obama that there is a "real threat" to the health and security of Russian citizens in Ukraine.
President Putin pointed to the provocative and criminal actions on the part of ultranationalists who are in fact being supported by the current authorities in Kiev. He insisted that in case of any further spread of violence to Eastern Ukraine and Crimea, Russia retains the right to protect its interests and the Russian-speaking population of those areas.
The two leaders also reportedly discussed a U.S. proposal for a 'diplomatic resolution' to the crisis.
Obama suggested Russia put "a concrete response in writing" and the two leaders agreed that U.S. Secretary of State John Kerry and his Russian counterpart Sergei Lavrov would meet to discuss next steps, the White House said in a readout of the phone talks.
