Vladimir Putin set to return as Russia’s president

His declaration came after the current president of Russia, Dmitry Medvedev, announced he would step aside to let Putin lead their party in the presidential elections.

Speaking to the annual congress of the United Russia party Medvedev said: “I think it would be correct for the congress to support the candidacy of the party chairman, Vladimir Putin, to the post of president of the country.”

The statements ended months of speculation over which of the two would lead the ruling United Russia party.

Putin was formerly president from 2000 to 2008 but was prevented by the constitution for running for a third term. Instead he helped Dimtry Medvedev take power as president and took on the role of the prime minister.

Effectively Putin could be in power until 2024

Putin, widely seen as Medvedev’s mentor and Russia’s real driving force, then invited Medvedev to take his place as prime minister.

The constitution has also been changed so that the president will have a six year mandate, instead of four years. They will be restricted to two terms as before, but this means that effectively Putin could be in power until 2024. Opinion polls indicate that Putin will easily win victory at the campaign.

Putin, 58, is seen as more conservative than Medvedev and some economists have said his return to the Kremlin could herald an era of economic stagnation in the world’s biggest energy producer.

The next government is expected to face many economic challenges and calls for tough economic and political reforms, which critics say could provoke unrest.

Putin, speaking to congress, warned of giving “tough medicine” to solve the financial crisis:

“The task of the government is not only to pour honey into a cup, but sometimes to give bitter medicine,” he said.