Most of the leaders gathered for this week's Group of Seven summit in Brussels will be heading to Paris ahead of Friday's D-Day commemorations in Normandy, where they will rub shoulders with the Russian president.
Excluded from the G7 talks over Crimea, Putin on Wednesday reached out to the West saying he was ready to meet Ukraine's president-elect, Petro Poroshenko.
"I don't plan to avoid anyone," Putin said.
"It is his choice, I am ready for dialogue," Putin said, before launching into a jibe about the US invasion of Iraq.
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"Proof? Let's see it!" he said. "The entire world remembers the US secretary of state demonstrating the evidence of Iraq's weapons of mass destruction, waving around some test tube with washing powder in the UN Security Council."
Obama has shown little sign he wants to sit down with Putin, having condemned Russia's "dark tactics" in Ukraine in a hawkish speech in Poland reminiscent of Cold War times.
Putin is also slated to meet German Chancellor Angela Merkel and British Prime Minister David Cameron, who said he would deliver a similar message of dialogue.
After talks yesterday, a Group of Seven statement said Russia must recognise the results of Ukraine's May 25 presidential election, won by tycoon Petro Poroshenko, stop destabilising the country and withdraw Russian troops from the border.
Failing that, the G7 -- Britain, France, Germany, Italy, Japan, Canada and the United States -- were ready to "intensify targeted sanctions and to implement significant additional restrictive measures ... Should events so require."
She said "the main thing is to be constructive," with further sanctions only if there is "no progress whatsoever.