President Vladimir Putin said Thursday that NATO's push to boost defense spending does not pose a "threat" to Russia, days before the alliance was expected to approve a plan to expand its military capabilities across Europe.

During an annual economic conference in St. Petersburg, Russia, President Vladimir Putin did not rule out his forces taking the Ukrainian city of Sumy.

Economy Minister Maxim Reshetnikov said earlier during the St. Petersburg Economic Forum that the economy is “on the verge of going into a recession.”