Dmitry Medvedev was sworn in as president in Kremlin on Wednesday.
Medvedev, a 42-year-old former corporate lawyer and longtime Putin ally, placed his hand on a red, leather-bound copy of the Russian constitution to take the oath of office before 2,000 invited guests.
Putin, the outgoing President, is confirmed as a new prime minister by parliament on last Thursday and lands in his new riverside office in central Moscow. Putin, who has presided over eight years of uninterrupted economic growth, has said he will focus on making Russia one of the top seven global economies by 2020. He has promised not to seek any extra powers in his new job.