A victory in the U.S. presidential elections by the Republican candidate Mitt Romney could lead to a new arms race spiral as he considers Russia to be America's "No. 1 geopolitical foe", Russia’s Deputy Prime Minister Arkady Dvorkovich said.

“If Mr. Romney wins the presidential election, the United States could fall back to a time when the bulk of revenues goes to a small group of people and military programs are prioritized,” Dvorkovich said at the Yalta European Strategy forum on Saturday.

“Unfortunately, military programs will play an increasing role in Russia as well, if this happens,” he said.

Dvorkovich reiterated, though, that Russia was ready to work with any person elected by the American people as U.S. president.

With about seven weeks left before Election Day, incumbent President Barack Obama, who has been nominated by Democrats to run for a second term in office, has a small lead over Romney nationwide, but enjoys a significant advantage in the electoral college, according to public opinion polls.