Medvedev, who chairs Russia's state energy company, is a Putin loyalist [AFP]

Putin on Monday backed Dmitry Medvedev as a presidential candidate to replace him after he was named by four parties including the ruling United Russia.
 
"As far as the candidacy of [Medvedev] is concerned, I have been very closely acquainted with him for 17 years and I completely and fully support this candidacy," Putin was quoted as saying.
 
Putin will step down after presidential elections on March 2 after serving two consecutive terms.
 
Leading candidate
 
Putin's endorsement of Medvedev puts the candidate at a strong advantage in the run-up to the presidential election.

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Medvedev, 42, is considered to be a loyalist of Putin, who hired him in the early 1990s to work in Saint Petersburg's local government.

He was Putin's campaign manager during his successful 2000 election run and later became the president's chief of staff in the Kremlin.

Medvedev is currently chairman of Gazprom, Russia's state-run natural gas company.

Russia's constitution prevents Putin from seeking a third consecutive term in office.

He has signalled interest in becoming Russia's next prime minister and has not ruled out running for the presidency in 2012.

The other parties backing Medvedev are A Just Russia, the Agrarian Party and Civic Force.

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