Putin to run in presidential election

Russia's President Dmitry Medvedev says former President Vladimir Putin has accepted a proposal to run in the presidential election in March.

With Putin immediately accepting the offer, the next presidential election is likely to become a confidence vote for the former president.

Putin stressed in a speech at the United Russia party's annual congress on Saturday that he will do everything possible to modernize the country's industry and improve people's lives.

Putin is most likely to return to power as there are no other strong contenders.