Moscow (CNN) Russia has announced it is suspending participation in the Intermediate-Range Nuclear Forces treaty -- one day after the US declared it would pull out of the agreement unless Moscow complies with its terms within 180 days.

Russian President Vladimir Putin announced the move on Saturday, according to the Kremlin's official website.

Putin held a special meeting with Foreign Minister Sergey Lavrov and Defense Minister Sergei Shoigu following Friday's decision by the US to suspend compliance with the INF treaty, a key pact with Russia that has been a centerpiece of European security since the Cold War.

"We will proceed as follows. We will have a tit-for-tat response. American partners have announced that they are suspending their participation in the treaty, so we are suspending ours as well," said Putin, according to the website.

"They announced that they are engaged in research & technological development work, and we will do the same."

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