Current President Dimitry Medvedev put Prime Minister Vladimir Putin forward for next year's presidential elections, reports Reuters.
The announcement came at Today's United Moscow conference in Moscow. The crowd gave a long standing ovation afterwards.
The news ends months of speculation over who will rule Russia and opens the door for Putin to be President until 2024 under current laws.
Putin had previously served two terms as President, the most allowed consecutively by Russian law. Medvedev served one term as President, though the real extent of his power was often doubted.
In next March's elections Putin will likely face just two serious candidates -- nationalist Vladimir Zhirinovsky and Communist Gennady Zyuganov -- neither of whom are thought to have any chance of beating Putin.
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