Putin Begins New Presidential Term with Promise of Economic Reforms

Vladimir Putin on Monday, May 6, promised to focus on the economy and work towards improving the living standards of the Russian people during the official inauguration of his new presidential term. Mr. Putin stated that the main goal of his second six-year term is to enhance the welfare of the Russian population. The Russian economy is facing challenges due to international sanctions imposed following Putin's annexation of Crimea from Ukraine. The Russian president also re-nominated Dmitry Medvedev for the position of Prime Minister. Mr. Medvedev served as Prime Minister during Putin's previous presidential term and has held the presidency once before, during which Putin became Prime Minister. On Monday, Putin said, "We must utilize all our domestic capabilities and pursue the necessary domestic goals of the country to advance in economic and technological fields and to compete with those parts of the world that shape our future." The 65-year-old Putin, in another part of his speech, emphasized that "a better life, relative prosperity, security, and health for the people are priorities today." Reports indicate that while the Russian president has achieved foreign policy successes through military presence in Syria, he has struggled to make the economy competitive, which remains dependent on oil and gas. The GDP in Russia increased by 1.5 percent last year; however, due to increasing sanctions from the U.S., the country's currency, the ruble, has fallen by eight percent. It has been reported that during Putin's speech, he primarily focused on domestic issues and only briefly mentioned foreign policy, stating that "Russia is powerful, active, and influential in foreign policy." Vladimir Putin secured 77 percent of the votes in an election where his main opponents were not allowed to participate. He has held leadership of Russia since the early 21st century. U.S.-Russia relations have faced serious challenges in several areas. U.S. intelligence agencies claim that Russia interfered in the 2016 presidential election, which is currently being investigated by special counsel Robert Mueller. Russia is also facing diplomatic challenges due to allegations of involvement in the poisoning of Sergei Skripal and his daughter in the UK using a chemical agent. The U.S., Canada, and most EU countries have limited diplomatic relations with Russia and expelled several Russian intelligence officers from their territories. Over the past two days, protests against Putin's regime have been occurring in the streets of Moscow and many other Russian cities, with more than 1,500 people arrested during these demonstrations.