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Today President Putin publicly announced that he supports First Deputy Prime Ministry Dmitry Medvedev as his successor in 2008. Moscow based Pharos Financial Group is offering some background and comment:

Medvedev Bio Born 14 September 1965, 42 years old

Holds J.D. degree from the Law School of the St. Pete University, same school graduated by Vladimir Putin

1990 - 1999: lecturer at the St Pete University 1990 - 1995: advisor to the St Pete city council, expert for the International Relation Committee (chaired by Putin)

1999 - 2005: Deputy Head, First Deputy Head, Head of the President's Staff 2000 - now: Chairman of Gazprom BoD (in 2001 Deputy Chairman)

2005 - now: First Deputy Prime Minister in charge of the so-called "national projects" (education, healthcare, agriculture, housing)

Commentary: Putin's choice of the most liberal of the frontrunners to succeed him is hugely positive for the markets as Medvedev is likely to initiate a new round of economic reforms and pursue continued strong fiscal management. This decision will help define Putin's legacy, and reposition Russia's perception in the west. Although it continues to be a single-party state, Russia can now be seen more in the tradition of Japan, Mexico and Sweden, all of whom went through similar periods of political adjustment. Western investors are currently underweight Russia while Russian fundamentals and valuations are more compelling than comparab......................

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