Putin: I do not want an arms race

Russian President Vladimir Putin said after his election victory that he did not want an arms race.

The 65-year-old Putin clearly wanted to invest more in education, infrastructure and health care. The military expenses could, in his opinion, go down. 'No one is planning to accelerate an arms race,' said the Russian leader, who was re-elected with about 76 percent of the vote.

Putin said on Monday that Russia needs a constructive dialogue with international partners. 'We will do everything we can to resolve disputes with our partners through political and diplomatic channels,' he promised.