"I think it's a good idea. The US would cut by 50 percent and we would cut by 50 percent and then China would join if it wanted," Putin said in a televised interview.

Russia has massively ramped up military spending since launching its offensive in Ukraine in 2022, boosting economic growth but also inflation.

Putin said last year that over 2024 defence and security spending would reach about 8.7 percent of GDP.

He said Monday he could not speak for China but that Russia "could come to an agreement with the US (on cutting spending), we're not against it."

"We think it's a good proposal and we are ready for a discussion about this," he concluded.