Russian President Vladimir Putin's favored successor, Dmitry Medvedev, has the support of more than 70 percent of voters – almost five times more than his closest rival – and is almost certain to win Sunday's presidential election. Western media have dubbed it a one-sided election.
The election is also seen as a decision that would ensure that President Vladimir Putin stays on as the power behind the throne.
Putin is constitutionally barred from running for a third consecutive term. He endorsed Medvedev as his replacement; and has said he is ready to serve next as Prime Minister.
Western observers interpret this to mean that the centre of power will shift from the Kremlin to Putin's new office in White House government headquarters; just a short trip down the Moskva River.
Medvedev, a soft-spoken lawyer with a gentler style than his ex-KGB predecessor, Putin, shows every sign of continuing Putin's assertive policies. He says, "If I am entrusted to lead the state, I will be obliged to continue the policies of President Vladimir Putin. I hope that if we continue to work as partners, it will benefit our country."
The election itself has been short on drama. Medvedev, 42, will be the youngest Russian leader since Tsar Nicholas II; and will become president of a vast country that has re-emerged as a force on the world stage.
Russia is the world's second largest oil exporter after Saudi Arabia. It is pouring money into military hardware; and once again, challenging the West on issues from Kosovo to Washington's plan for a missile shield in Europe.
Moreover, the country is enjoying its longest economic boom in a generation—fueled by record high gas and oil prices—and most people see the double act of Putin and Medvedev as the best hope for prolonging their new-found prosperity.
Nevertheless, Russia's state electricity boss, Anatoly Chubais, commented in an interview published on Monday that Russia's hawkish policy is scaring off foreign investors the country needs if it is to ride out a global economic slowdown.
In the interview, Chubais said the expected global slowdown would drive down demand for energy and commodities exports – Russia's main source of foreign revenue. As a result, Russia's hefty current surplus would be slashed to zero within two or three years, threatening economic growth and shrinking currency reserves that have underpinned economic stability.
Market sources say the Kremlin's assertive policy has also frustrated attempts by gas giant Gazprom to buy into gas distribution networks in Europe. Some in Russia's business community say the hawkish foreign policy has hindered attempts by Russian firms to invest abroad.
Choosing the protectionist route could be "catastrophic," as some influential business leaders have predicted.
But some analysts see signs of subtle policy changes under the likely new president, Medvedev, whose style in public is less abrasive than Putin's.
Like it or not, the outgoing but popular President Vladimir Putin is expected to remain a central player in shaping Russian policy, even after he steps down. At the end of 2007, Putin was named Time magazine's "Person of the Year" in 2007 for bringing stability to and renewing his country.
As a result, people may believe the honeymoon between Putin and his likely successor, Medvedev, will keep Russia stable at this important historical juncture.
By People's Daily Online
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