Shadow hangs over Putin's third term Russian President Vladimir Putin (L) and Prime Minister Dmitry Medvedev arrive at the Victory Day parade to on the Red Square in Moscow, on May 9, 2012. MOSCOW, May 17 (UPI) -- Vladimir Putin may have a tough time justifying his presidency given the lack of investor confidence in his country and continued protests, an expert said. Putin clinched a third non-consecutive term as Russian president this year. The election was criticized by outside observers as fraudulent. Similar concerns were expressed when his United Russia Party won State Duma elections in December. Edward Mermelstein, an attorney in New York representing Russian investors in the United States, told Bloomberg News that Putin's third term may be on shaky ground. "Putin is going to have problems containing the protests," Mermelstein said. If he doesn't make the changes he's promised, he's going to find it very difficult to justify his presidency. Putin, during his inaugural address this month, promised sweeping democratic and legal reforms. At least since the eve of his May 7 inauguration, demonstrators have staged "Occupy"-style protests in Moscow. Human rights groups accused Russian police of using a heavy hand in response to the mass demonstrations. Authorities this week arrested protest coordinator Iyla Yashin, who had pledged to maintain a street presence to protest Putin's presidency. He told Bloomberg before his arrest that Putin was in part responsible for the flight of investments leaving Russia recently. "Putin's image today is of a usurper who only preserves his power with the help of repression and police batons," he said.