Putin: Weapons development mostly finished

President Vladimir Putin says Russia has spent enough on new weapons to avoid any excessive pressure on the economy in the future.

Speaking to his rivals in Sunday's presidential election that he won by a landslide, Putin promised to focus on domestic issues and raise living standards during his next six-year term.

He vowed Monday not to engage in an arms race, saying that Russia has already spent the bulk of what is needed to create new weapons in previous years.
He added that while "we need to finalize some things" it will not involve massive spending and the nation's defense budget will actually decrease this year and in 2019.

Earlier this month, Putin unveiled an array of new nuclear weapons that he said are impossible to intercept.