second presidential term High oil prices Russian economy authoritarian state Dmitry Medvedev elected president term limits tandemocracy president democracy Russian elected
Putin won a second presidential term in 2004. High oil prices and a rise in foreign investment saw the Russian economy and living standards improve significantly. Putin's rule increased stability, while transforming Russia into an authoritarian state. In 2008, Putin took the post of prime minister, while Dmitry Medvedev was elected president for one term, to hold onto power despite legal term limits; this period has been described as a "tandemocracy".
