Putin Vows to Pursue Enormous Military Rearmament Campaign

"Russian Prime Minister Vladimir Putin has vowed if re-elected to the presidency to pursue the largest arms buildup the country has experienced since the end of the Cold War" (Source: NTI).

So apparently Putin has made a promise to the people of Russia that, if re-elected he'll initiate an enormous re armament of Russia.
I'm not sure if this is a mere campaign promise which he won't actually pursue after being re-elected, or if it's actually something to worry about. Ever since the end of the cold war, the US and Russia have made several agreements in order to reduce their military power (specially their nuclear arsenal), so that tension between the two powers would reduce. But what does Putin mean with this promise of re armament? Is he predicting a future conflict? If so, it might not even be against the US but in some other war scenario. The first thought that comes to my mind is that this would be the middle-east, specially in a time where more and more news reports state that Israel is planning a full attack on Iran.