Russian President Vladimir Putin on Monday named Dmitry Medvedev, chairman of gas giant Gazprom, as his favoured candidate to succeed him, putting him in poll position for next year's presidential election.

“I have known him very closely for more than 17 years and I completely and fully support this proposal,” Putin was shown saying on state-run television at the meeting with leaders of four parties who said they were backing Medvedev.

Investors see Medvedev as more business-friendly and less hawkish towards the West than others in the Kremlin who had been tipped for the role.

One analyst said that by choosing him, Putin was indicating he did not want to confront the West.
Other analysts suggested Medvedev would remain in Putin’s shadow and said he shares many of his mentor’s viewpoints.