The US has said it will withdraw from a landmark nuclear missile treaty in 60 days if Russian Federation does not address its alleged violations of the pact.
Mr. Pompeo's ultimatum came after months of warnings from the Trump administration, which has been joined by NATO allies in calling Russian Federation out for developing and deploying missiles that violate the 1987 year INF Treaty - allegations Moscow denies.
President Donald Trump earlier this year announced his decision to withdraw from the INF, which has been described as a cornerstone of global security, accusing Russian Federation and China - which is not a signatory to the treaty - of violating it.
But it was a bilateral treaty between the U.S. and the then Soviet Union, so it puts no restrictions on other major military actors like China.
In Moscow on Wednesday, Putin told journalists the U.S. 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.
Russia's foreign ministry said it has received word of US withdrawal from the arms treaty.
But on Monday, the USA leader said he wants talks with his Chinese and Russian counterparts Xi Jinping and Vladimir Putin "to head off a major and uncontrollable Arms Race".
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"The United States today declares Russian Federation in material breach of the treaty and we will suspend our obligations as a remedy in 60 days unless Russian Federation returns to full and verifiable compliance", Pompeo said after talks with fellow NATO foreign ministers.
Speaking at a briefing of foreign military attaches earlier, Gen. Valery Gerasimov, chief of staff of the Russian military, warned of a Russian response and said that it would be the countries that host US intermediate-range missiles that would become immediate targets for Russia.
"Russia's reply has been consistent: deny any wrongdoing, demand more information, and issue baseless counter-accusations", Pompeo said.
"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.
North Atlantic Treaty Organisation allies have helped modernize Ukraine's armed forces and boosted their presence in the Black Sea over the past year, with more ships deployed in the region and more air policing.
The NATO partners on Tuesday also held talks with Ukrainian Foreign Minister Pavlo Klimkin.
"During this 60 days we will still not test or produce or deploy any systems, and we'll see what happens during this 60-day period", he said. Russian Federation has denied the accusations.
Russian President Vladimir Putin has threatened to pull out of a Cold War-era nuclear treaty if the USA does the same.