When asked whether Russia will change its military posture if Finland or Sweden were to join NATO, a Kremlin spokesperson said that President Vladimir Putin will consider a range of measures once they are presented by the defence ministry.

"Russian defence ministry needs time to put such proposals together," the spokesperson added, per Reuters.

Market reaction

The market mood remains cautious during the European trading hours on Thursday. As of writing, the Euro Stoxx 600 Index was posting small daily gains and US stock index futures were trading virtually unchanged.