He warned the world to take heed of Russia's hypersonic missile capabilities as United States president Donald Trump threatens to pull out of the Soviet-era Intermediate-Range Nuclear Forces (INF) Treaty.
He said it is necessary to confront Russian Federation, adding that Moscow has been breaching the treaty with its missile tests since the mid-2000s.
The Trump administration has previously said the pact puts the United States at a disadvantage with countries such as China, who are exempt from the treaty.
In Moscow on Wednesday, Putin told journalists the United States had provided "no evidence" of Russian violations, and threatened an arms race if the USA sought to develop new medium-range missiles after exiting the treaty.
In October, the US accused Russian Federation of violating the treaty by owning a Novator 9M729 missile.
"Russia has a last chance to show in a verifiable way that they comply with the treaty ... but we also have to start to prepare for the fact that this treaty may break down", Stoltenberg said.
"The United States declares today it has found Russian Federation in material breach of the treaty and will suspend our obligations as a remedy effective in 60 days unless Russian Federation returns to full and verifiable compliance", he said.More news: Mueller calls Michael Flynn's cooperation 'substantial,' recommends no jail time
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In Brussels, EU diplomatic chief Federica Mogherini urged Russian Federation and the USA to save the treaty, warning that Europe did not want to become a battlefield for global powers once again, as it had been during the Cold War.
The United States remains in compliance with the treaty, according to the Department of State.
"We call on Russian Federation to urgently return to full and verifiable compliance with the INF Treaty".
North Atlantic Treaty Organisation members would have to unanimously agree to hosting United States missiles, which could take a long period of time to develop.
"In the finest traditions of our great democracy, we are rallying the noble nations to build a new liberal order that prevents war and achieves greater prosperity", Pompeo said.
Until then, Pompeo said, the U.S. would not "test or produce or deploy any systems" that would breach the treaty.
Putin in March described the new arms as Russia's response to the US decision in 2002 to pull out of the Anti-Ballistic Missile Treaty and develop its global defense shield.
Russia's upper house Defence and Security Committee Chairman Viktor Bondarev told Sputnik on Tuesday that the United States and Russian Federation must hold talks on the INF Treaty in order to adapt the accord to the current situation.