Medvedev Sworn in as Russian President. Putin Jr.?

The eight-year presidency of Vladimir Putin came to an end today as his successor Dmitry Medvedev was sworn into office in a solemn ceremony in the Kremlin’s throne room.

Medvedev, a 42-year-old former corporate lawyer and longtime Putin ally, stressed freedom and the rule of law in his first remarks after taking the oath of office and receiving a gold chain of double-headed eagles symbolising the presidency.

“I believe my most important aims will be to protect civil and economic freedoms,” he told the 2,000 guests at the inauguration, broadcast live on television.

“We must fight for a true respect of the law and overcome legal nihilism, which seriously hampers modern development.”

The new leader, who arrived at the Kremlin alone in an armoured black stretch Mercedes limousine flanked by 11 motorcycle outriders, inherits a booming economy fuelled by high oil prices - but also a sobering set of challenges.

They include rampant corruption, rising inflation, a falling population, sickly industry and agriculture and increasingly tense relations with former Soviet neighbours and the West.

Mr Putin is almost certain to be named as Prime Minister, and many analysts expect him to continue calling the shots.

Most analysts expect Mr Medvedev to continue, at least initially, the domestic and foreign policy course charted by Mr Putin. “There’s an expectation among investors that there will be more of the same,” said Roland Nash, head of research at Renaissance Capital in Moscow. “Anything that isn’t will be a surprise.”

Mr Medvedev has based his whole presidential campaign on continuing Mr Putin’s legacy and when first tipped for the job, in December, immediately said he would ask Mr Putin to become Prime Minister. This played well in Russia, where Mr Putin remains a popular leader because of increased economic prosperity during his rule and the perception that Russia has again become a major world power. In a survey last week, just 8 per cent of respondents felt there had been more negative than positive aspects to Mr Putin’s eight years in charge.

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