Russia has sped up the modernization of its armed forces, President Vladimir Putin said Tuesday.

Speaking here at a government meeting on defense issues, Putin said all defense-related orders and plans are being executed completely, including the rearmament of the army, air force and navy.

He called on the Russian defense industry to keep the momentum and gradually replace imported technologies and spare parts of military equipment, Kremlin press service quoted Putin as saying.

"The important task is to substitute products of Ukrainian, some NATO (North Atlantic Treaty Organization) and EU countries' enterprises," Putin said.

Russia currently has a "unique opportunity" to build everything on "absolutely new cutting-edge technological and scientific basis, " he stressed, adding that Russia-made military components should be superior to any foreign analogues.

In addition, Putin said Russia has been increasing its military presence in the Arctic, "which contributes to the region's security."

According to the president, this move has helped the modernization of the military infrastructure in the region, which is vital for Russia.

Putin plans to hold a series of defense meetings this week in Sochi, according to the Kremlin press service.