His return to the Kremlin yesterday May 7 followed a four-year break during which he served as PM.
The new Russian President, Vladimir Putin yesterday May 7, 2012 took the oath of office in a brief ceremony at the Presidency or Grand Kremlin Palace, acknowledging that the coming years will be decisive for the country’s long-term future, the BBC reported.
Putin said Russia was entering a new phase of national development, paying tribute to his predecessor, Dmitry Medvedev, for having given a new impulse to the modernization and transformation of the country that must continue. Reuters news agency reported that Putin, 59, was sworn in with his right hand resting on the Russian Constitution in a glittering ceremony attended by 2,000 dignitaries who applauded his every step along a long red carpet to the podium. He called for unity, the strengthening of democracy, constitutional rights and freedoms in a speech that lasted just five minutes.
The former KGB agent was expected to be blessed later by the head of the Russian Orthodox Church and to take charge of the nuclear suitcase before hosting a lavish reception. He is also expected to nominate Dmitry Medvedev today as his prime minister. According to the Associated Press news agency, the event was marked by tight security in central Moscow and demonstrations by rival groups of supporters.
On the eve of the inauguration, anti-Putin protests in the capital led to some arrests. The protesters vented their anger against what they considered as unfair elections in March that returned Putin to power after a four-year break during which he served as Prime Minister under Medvedev. He was President from 2000 to 2008, completing two four-year terms. The amended new six-year term will keep him in power until 2018, with the option of running for a fourth and last term. If he completes his term, he will be the longest serving Russian leader since Soviet supreme ruler, Joseph Stalin.
The new leader faces many challenges. Though the $1.9 trillion economy is in better shape than that of most European countries, it is still vulnerable to any fluctuations in the price of oil, the main export commodity. Putin has promised to attract more foreign investments by improving the business climate, reducing corruption and red tape, and ending Russia's heavy dependence on energy exports.
