The U.S.-led NATO missile defense system is not targeting Russia, so Russia's deployment of offensive weapons against the system would be a waste of money, NATO Secretary General Anders Fogh Rasmussen said Monday.

In a video linkup with Russian reporters, Rasmussen revealed that NATO would officially announce in Chicago the creation of the first stage of its anti-missile defense system in Europe.

"I have to say that it would be a complete waste of money to deploy offensive weapons against an artificial enemy, that doesn't exist in the real world," Rasmussen said.

"The system is not targeting Russia, nor designed to attack Russia or undermine what Russia calls the strategic deterrent," he added.

Russia refuses to participate the NATO summit in Chicago if missile defense is not being discussed. The country has long opposed the deployment of U.S.-led NATO missile defense facilities near its borders and wanted legally binding guarantees that the missile shield is not targeting Russia.

Russian President Dmitry Medvedev said last Friday that Russia and NATO were still likely to come to terms on the missile defense issue, but warned the time for such dialogues was "running out."

Meanwhile, Rasmussen also expressed NATO's will to further cooperate with Russia on several issues after its May summit.

"NATO is interested in developing cooperation with Russia in fighting terrorism, drug trafficking and sea piracy after Chicago summit," Rasmussen said.