Russian PM Vladimir Putin says he plans to reclaim Russian presidency at March elections

Russian Prime Minister Vladimir Putin declared on Saturday he planned to reclaim the Russian presidency at March elections that could open the way for the former KGB spy to rule until 2024.

Putin’s announcement came after current Kremlin chief Dmitry Medvedev agreed to step aside for the 2012 polls. He said he was ready to be prime minister under Putin, who has dominated Russia for over a decade and could now occupy the Kremlin to 2024. "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," Medvedev told the annual congress to cheers from thousands of delegates.

Putin rapidly accepted the offer and made clear he wanted Medvedev to take his own job as prime minister. "For me this is a great honor," Putin said in his acceptance speech.

Presidential elections are scheduled for March, with the United Russia candidate almost certain to win the country's top job due to the emasculated state of the Russian opposition and the Kremlin's control over the media.

Medvedev joined hands with Putin at the end of the congress, seeking to put a brave face on the announcement and appear happy with his consolation prize of the post of prime minister. But some of those close to him were less sanguine. "There is no reason to be happy," said Medvedev's chief economic adviser Arkady Dvorkovich, who had publicly urged the president to stand for a second term. "It's a good time to switch over to a sports channel," he wrote on Twitter.