Russian President Vladimir Putin has overwhelmingly won the Presidential elections, extending his rule over the world’s largest country for another six years.

With nearly 100 per cent of the votes counted, the Central Election Commission, announced that Vladimir Putin has won 76.68 percent of the vote. It was Putin’s biggest ever win and the largest by any post-Soviet Russian leader.

Vladimir Putin, who will be 71 at the end of his term, has promised to beef up Russia’s defenses against the West and raise living standards of the people.

The re-elected President Vladimir Putin has said that Moscow will decrease its military spending during current and next year.

While addressing a meeting in Moscow he said that we have the plan but this will not lead to any decline in the country's defence capacity.

He said we will not allow for any sort of arms race.

Meanwhile, Germany's President Frank-Walter Steinmeier has urged Vladimir Putin to use the occasion of his re-election as Russian President to push for a normalization of relations with Berlin and Western Europe.

In a statement on Monday, Frank-Walter Steinmeier congratulated Putin on his victory.(AFP/APP)