Moscow not seeking arms race, only military modernization: Putin

Russian President Vladimir Putin said Wednesday that the program for modernizing his country's military does not mean that Moscow is gearing up for an arms race. At a Russian defense industry conference in the capital, he said the industry is being compensated for years of neglect following the end of Soviet Union. He also said Russia should aspire to manufacture all of its military systems independently and not be dependent on imports and foreign arms manufacturers.