In economics, competition is a condition where different economic firms seek to obtain a share of a limited good by varying the elements of the marketing mix: price, product and place. In classical economic thought, competition causes commercial firms to develop new products and technologies, which would give consumers greater selection and better products; the greater selection causes lower prices for the products, compared to what the price would be if there was no competition or little competition. Early economic research focused on the difference between price- and non-price-based competition, while economic theory has focused on the many-seller limit of general equilibrium. Competition is accepted as an essential component of markets, results from scarcity—there is never enough to satisfy all conceivable human wants—and occurs "when people strive to meet the criteria that are being used to determine who gets what." In offering goods for exchange, buyers competitively bid to purchase specific quantities of specific goods which are available, or might be available if sellers were to choose to offer such goods.
Sellers bid against other sellers in offering goods on the market, competing for the attention and exchange resources of buyers. The competitive process in a market economy exerts a sort of pressure that tends to move resources to where they are most needed, to where they can be used most efficiently for the economy as a whole. For the competitive process to work however, it is "important that prices signal costs and benefits." Where externalities occur, or monopolistic or oligopolistic conditions persist, or for the provision of certain goods such as public goods, the pressure of the competitive process is reduced. In any given market, the power structure will either be in favor of buyers; the former case is known as a seller's market. In either case, the disadvantaged group is known as price-takers and the advantaged group known as price-setters. Competition bolsters product differentiation as businesses try to innovate and entice consumers to gain a higher market share, it helps in improving the processes and productivity as businesses strive to perform better than competitors with limited resources.
The Australian economy thrives on competition. In his 1776 The Wealth of Nations, Adam Smith described it as the exercise of allocating productive resources to their most valued uses and encouraging efficiency, an explanation that found support among liberal economists opposing the monopolistic practices of mercantilism, the dominant economic philosophy of the time. Smith and other classical economists before Cournot were referring to price and non-price rivalry among producers to sell their goods on best terms by bidding of buyers, not to a large number of sellers nor to a market in final equilibrium. Microeconomic theory distinguished between perfect competition and imperfect competition, concluding that perfect competition is Pareto efficient while imperfect competition is not. Conversely, by Edgeworth's limit theorem, the addition of more firms to an imperfect market will cause the market to tend towards Pareto efficiency. Real markets are never perfect. Economists who believe that in perfect competition as a useful approximation to real markets classify markets as ranging from close-to-perfect to imperfect.
Examples of close-to-perfect markets include share and foreign exchange markets while the real estate market is an example of a imperfect market. In such markets, the theory of the second best proves that if one optimality condition in an economic model cannot be satisfied, the next-best solution can be achieved by changing other variables away from otherwise-optimal values. Within competitive markets, markets are defined by their sub-sectors, such as the "short term" / "long term", "seasonal" / "summer", or "broad" / "remainder" market. For example, in otherwise competitive market economies, a large majority of the commercial exchanges may be competitively determined by long-term contracts and therefore long-term clearing prices. In such a scenario, a “remainder market” is one where prices are determined by the small part of the market that deals with the availability of goods not cleared via long term transactions. For example, in the sugar industry, about 94-95% of the market clearing price is determined by long-term supply and purchase contracts.
The balance of the market are determined by the ad hoc demand for the remainder. In the US real estate housing market, appraisal prices can be determined by both short-term or long-term characteristics, depending on short-term supply and demand factors; this can result in large price variations for a property at one location. Competition requires the existing of multiple firms, so it duplicates fixed costs. In a small number of goods and services, the resulting cost structure means that producing enough firms to effect competition may itself be inefficient; these situations are known as natural monopolies and are publicly provided or regulated. International competition differentially affects sectors of national economies. In order to protect political supporters, governments may introduce protectionist measures such as tariffs to reduce competition. A practice is anti-competitive if it unfairly distorts free and effective competition in the marketplace. Examples include evergreening. Paid exclusivity Competition law Self-compet
Vladimir Putin 2012 presidential campaign
The 2012 presidential campaign of Vladimir Putin, 2nd and 4th President of Russia, was announced on 24 September 2011, at the United Russia party convention for the legislative election. This campaign was third presidential campaign of Vladimir Putin. Vladimir Putin was the President of Russia from 2000 to 2008. Since the Russian Constitution limits the President's term to two consecutive terms, Putin could not run for President in 2008. Dmitry Medvedev was elected as the new President. Becoming President he appointed Putin Prime Minister. Medvedev could seek re-election in 2012. At the same time he did not exclude. On 24 September 2011, at the United Russia party convention for the legislative elections, Medvedev announced that he would not seek re-election, suggested that Vladimir Putin run for President again. On the same day, Putin announced his participation in the elections. On 27 November 2011, Luzhniki Stadium hosted the pre-election Conventon of the United Russia. In total, the Conventon was attended by 11 thousand participants, of which only 614 had the right to vote.
Vladimir Putin was unanimously nominated as a presidential candidate from the United Russia. On 14 December 2011, Vladimir Putin submitted documents for nomination to the Central Election Commission. Since Putin was nominated as a candidate from the parliamentary party, he did not need to collect signatures of citizens in his support, therefore, within a week, on December 24, he was registered as a presidential candidate; the beginning of Putin's campaign fell on the campaign for legislative elections, which took place on 4 December 2011. In this election, Putin-led United Russia party, which nominated him as a presidential candidate, worsened its result compared to the 2007 elections. United Russia lost 77 places. In the 2007 elections, United Russia scored 64%. However, according to experts, the downgrade of the United Russia would not prevent Putin to get a good result and win the election. On 28 December, Vladimir Putin said that he was not going to go on pre-election leave, provided for candidates to have the opportunity to campaign.
Vladimir Putin conducted his campaign as part of his duties as Prime Minister. In January 2012, Putin published his election program; the program consisted of six chapters: "Foreign policy", "Economy", "Army", "Salaries and pensions", "Social protection and health" and "Education". The program summed up the results of the last decade, defined further goals and tasks for the Russian authorities for the next six years. On 18 February 2012, held a Night rally on the Garden Ring in support of Putin. According to police, the action involved about two thousand cars. During the campaign Putin made a single outdoor public speech at a 100,000-strong rally of his supporters in the Luzhniki Stadium on 23 February, Russia's Defender of the Fatherland Day. In the speech he called not to betray the Motherland, but to love her, to unite around Russia and to work together for the good, to overcome the existing problems, he said that foreign interference in Russian affairs should not be allowed, that Russia has its own free will.
He compared the political situation at the moment with the First Fatherland War of 1812, reminding that its 200th anniversary and the anniversary of the Battle of Borodino would be celebrated in 2012. Putin cited Lermontov's poem Borodino and ended the speech with Vyacheslav Molotov's famous Great Patriotic War slogan "The Victory Shall Be Ours!". The election Fund of Putin received 411 million rubles. During the campaign, 368.9 million rubles were spent, another 33.2 million were returned to legal entities and transferred to the budget. Of all the candidates, Putin spent the most money on his campaign; the second expense was Mikhail Prokhorov, whose Fund was 400 million rubles, of which he spent more than 319 million. Vladimir Putin won the elections in the first round. Putin gained a majority of votes in each regions of Russia; the lowest result was Putin in Moscow, in all other regions, Putin received more than 50%. The greatest result Putin received in Chechnya. Vladimir Putin presidential campaign, 2000 Vladimir Putin presidential campaign, 2004 Vladimir Putin presidential campaign, 2018
A banknote is a type of negotiable promissory note, made by a bank, payable to the bearer on demand. Banknotes were issued by commercial banks, which were required to redeem the notes for legal tender when presented to the chief cashier of the originating bank; these commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have been replaced by national banknotes issued by central banks. National banknotes are legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment; this practice of "backing" notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat. With the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values.
In China during the Han dynasty promissory notes were made of leather. Rome may have used a durable lightweight substance as promissory notes in 57 AD which have been found in London. However, Carthage was purported to have issued bank notes on parchment or leather before 146 BC. Hence Carthage may be the oldest user of lightweight promissory notes; the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang dynasty, as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. During the Yuan dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by travelers such as Marco Polo, with European banknotes appearing in 1661 in Sweden. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency, it is countered by anticounterfeiting measures in the printing of banknotes.
Fighting the counterfeiting of banknotes and cheques has been a principal driver of security printing methods development in recent centuries. Paper currency first developed in Tang dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song dynasty; the usage of paper currency spread throughout the Mongol Empire or Yuan dynasty China. European explorers like Marco Polo introduced the concept in Europe during the 13th century. Napoleon issued paper banknotes in the early 1800s. Cash paper money originated as receipts for value held on account "value received", should not be conflated with promissory "sight bills" which were issued with a promise to convert at a date; the perception of banknotes as money has evolved over time. Money was based on precious metals. Banknotes were seen by some as an I. O. U. or promissory note: a promise to pay someone in precious metal on presentation, but were accepted - for convenience and security - in the City of London for example from the late 1600s onwards.
With the removal of precious metals from the monetary system, banknotes evolved into pure fiat money. Development of the banknote began in the Tang dynasty during the 7th century, with local issues of paper currency, although true paper money did not appear until the 11th century, during the Song dynasty, its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. Before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle. Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were left with a trustworthy person, the merchant was given a slip of paper recording how much money they had with that person. If they showed the paper to that person, they could regain their money; the Song Dynasty paper money called "jiaozi" originated from these promissory notes.
By 960 the Song dynasty, short of copper for striking coins, issued the first circulating notes. A note is a promise to redeem for some other object of value specie; the issue of credit notes is for a limited duration, at some discount to the promised amount later. The jiaozi did not replace coins during the Song Dynasty; the central government soon observed the economic advantages of printing paper money, issuing a monopoly right of several of the deposit shops to the issuance of these certificates of deposit. By the early 12th century, the amount of banknotes issued in a single year amounted to an annual rate of 26 million strings of cash coins. By the 1120s the central government stepped in and produced their own state-issued paper money. Before this point, the Song government was amassing large amounts of paper tribute, it was recorded that each year before 1101 AD, the prefecture of Xin'an alone would send 1,500,000 sheets of paper in seven different varieties to the capital at Kaifeng. In that year of 1101, the Emperor Huizong of Song decided to lessen the amount of paper taken in the tribute quota, because it was causing detrimental effects and creating heavy burdens on the people of the regio
Foreign policy of Vladimir Putin
The foreign policy of Vladimir Putin concerns the policies of Russia's president Vladimir Putin with respect to other nations. He held office from 2000 to 2008, assumed power again in 2012; as of late 2013, Russia–United States relations were at a low point. The United States canceled a summit. Washington regarded Russia as obstructionist and a spoiler regarding Syria, Iran and Venezuela. In turn, those nations look to Russia for protection against the United States. Europe worries about interference in the affairs of Eastern Europe. Expansion of NATO into Eastern Europe conflicts with Russian interests. In Asia, India has moved from a close ally of the Soviet Union to a partner of the United States with strong nuclear and commercial ties. Japan and Russia remain at odds over the ownership of the Kurile islands. China has moved to become a close ally of Russia. In 2014, with NATO's decision to suspend practical co-operation with Russia and all major Western countries' decision to impose a host of sanctions against Russia, in response to the Russian military intervention in Ukraine, Russia's relationship with the West came to be characterized as assuming an adversarial nature, or the advent of Cold War II.
After the 9/11 attacks, Putin supported the U. S. in the War on Terror, thus creating an opportunity for deepening the relationship with the leading Western and NATO power. However, Russia opposed the expansion of NATO. Since 2003, when Russia did not support the Iraq War and when Putin became more distant from the West in his internal and external policies, the relations remained strained. In an interview with Michael Stürmer, Putin was quoted saying that there were three questions which most concerned Russia and Eastern Europe. In Putin's view, concessions on one of these questions on the Western side might be met with concessions from Russia on another. In February 2007, at the annual Munich Conference on Security Policy, Putin criticized what he called the United States' monopolistic dominance in global relations, "almost uncontained hyper use of force in international relations". In this speech, which became known as Munich Speech, Putin called for a "fair and democratic world order that would ensure security and prosperity not only for a select few, but for all".
His remarks however were met with criticism by some delegates such as former NATO secretary Jaap de Hoop Scheffer who called his speech, "disappointing and not helpful." The months following Putin's Munich speech were marked by tension and a surge in rhetoric on both sides of the Atlantic. Both Russian and American officials, denied the idea of a new Cold War. US Secretary of Defense Robert Gates said on the Munich Conference: "We all face many common problems and challenges that must be addressed in partnership with other countries, including Russia.... One Cold War was quite enough." Vladimir Putin said prior to 33rd G8 Summit, on June 4: "we do not want confrontation. However, we want a dialogue that acknowledges the equality of both parties’ interests."In June 2007, when answering a question about whether Russian nuclear forces might be focused on European targets in case "the United States continued building a strategic shield in Poland and the Czech Republic", Putin admitted: "if part of the United States’ nuclear capability is situated in Europe and that our military experts consider that they represent a potential threat we will have to take appropriate retaliatory steps.
What steps? Of course we must have new targets in Europe."Putin continued his public opposition of a U. S. missile shield in Europe, presented President George W. Bush with a counterproposal on June 7, 2007 of sharing the use of the Soviet-era radar system in Azerbaijan rather than building a new system in the Czech Republic. Putin expressed readiness to modernize the Gabala radar station, in operation since 1986. Putin proposed it would not be necessary to place interceptor missiles in Poland but interceptors could be placed in NATO member Turkey or Iraq. Putin suggested equal involvement of interested European countries in the project. In his annual address to the Federal Assembly on 26 April 2007, Putin announced plans to declare a moratorium on the observance of the CFE Treaty by Russia until all NATO members ratified it and started observing its provisions, as Russia had been doing on a unilateral basis. Putin argues that as new NATO members have not signed the treaty so far, an imbalance in the presence of NATO and Russian armed forces in Europe creates a real threat and an unpredictable situation for Russia.
NATO members said they would refuse to ratify the treaty until Russia complied with its 1999 commitments made in Istanbul whereby Russia should remove troops and military equipment from Moldova and Georgia. Russian Foreign Minister Sergey Lavrov was quoted as saying in response that "Russia has long since fulfilled all its Istanbul obligations relevant to CFE". Russia suspended its participation in the CFE as of midnight Moscow time on December 11, 2007. On December 12, 2007, the United States said it "deeply regretted the Russian Federation's decision to'suspend' implementation of its obligations under the Treaty on Conventional Armed Forces in Europe." State Department spokesman Sean McCormack, in a written statement, added that "Russia's conventional forces are the largest on the European continent, its unilat
Fourth inauguration of Vladimir Putin
The Fourth inauguration of Vladimir Putin as the President of Russia took place on Monday, 7 May 2018, in the Hall of the Order of St. Andrew of the Grand Kremlin Palace in Moscow; the inauguration marked the commencement of the new six-year term of Vladimir Putin as President of Russia. The presidential oath of office was administered to Putin by Chairman of the Constitutional Court Valery Zorkin. In addition, in the Presidium of the ceremony, according to tradition, was the leaders of the legislature: Chairwoman of the Federation Council Valentina Matvienko and Chairman of the State Duma Vyacheslav Volodin. Presidential election were held on 18 March 2018. Eight candidates participated in the election. Vladimir Putin won the election in the first round. Vladimir Putin, elected as President in 2012, was eligible to run, which he declared his intent to do so on 6 December 2017, being expected to win; this came following several months of speculation, throughout the second half of 2017, as although he was expected to run for another term, Putin made evasive comments including that he had still not decided whether he would like to "step down" from the post of president, that he would "think about running", that he "hadn't yet decided whether to run for another term".
Different sources predicted that he would run as an independent to capitalize more support from the population, although he could have been nominated by the United Russia party as in 2012, Putin chose to run as an independent. On 19 April it became known that Vladimir Putin was offered two options for the inauguration ceremony; the first, the traditional option, was to hold the event as before in the Grand Kremlin Palace. The second option assumed that for the first time in history the inauguration would take place outdoors on one of the Central squares of Moscow. In particular, it was proposed to hold a ceremony on Ivanovskaya Square, located inside the Kremlin, or on Red Square. However, according to the presidential press secretary Dmitry Peskov, Vladimir Putin is not inclined to change the venue of the ceremony, the inauguration is to take place traditionally in the Grand Kremlin Palace, it is worth noting. It was supposed to hold a ceremony on Cathedral Square, but this idea was abandoned in order to save money, the ceremony was held in the State Kremlin Palace.
The inauguration used the publicly presented at first time new Russian-made "Aurus Senat" limousine, instead of the current Mercedes-Benz S 600 Guard Pullman. Although, before the inauguration, it was reported that this car will not be used during the ceremony, as did not like the Director of the ceremony. Instead, it was supposed to use the old Mercedes Pullman. On 3 April 2018, the Chairwoman of the Central Election Commission Ella Pamfilova handed Vladimir Putin the certificate of the President of Russia for the next term. Presenting the certificate in early April, Ella Pamfilova violated the tradition by which the certificate was always handed when the President took office. In addition, Pamfilova congratulated Putin on a confident victory; the President-elect responded by thanking her and her colleagues who worked during the election campaign. He noted that it was a great national work important for the country, it was carried out at the highest technical and organizational level, and these elections were the most clean in the history of the country.
The ceremony began at a quarter to 12 Moscow time, when in St Andrew's hall was made a Russian Flag and the Presidential Standard. Following them, the chain of office and a special copy of the Russian Constitution were introduced. After the introduction of the Flag and Symbols of the President, the Chairwoman of the Federation Council Valentina Matvienko, Chairman of the state Duma Vyacheslav Volodin and Chairman of the constitutional Court Valery Zorkin were invited to the stage. At that time, Vladimir Putin left his office in the Kremlin Senate and went to the Grand Kremlin Palace; when moving, the Cortege automobile was first used. At noon Vladimir Putin arrived at The Grand Kremlin Palace, where he went through the Alexander and St. George Halls and climbed the stage in the St. Andrew's Hall. After Vladimir Putin took the stage, Chairman of the Constitutional Court Valery Zorkin urged Putin to take the oath. According to Article 82 of the Russian Constitution, Vladimir Putin took the oath to the people of Russia in the presence of Federation Council members, members of the State Duma and judges of the Russian Constitutional Court.
Vladimir Putin took the oath of office, traditionally with his right hand on the Constitution. After Putin took the oath, Zorkin said that Vladimir Putin had taken office as President of Russia. After the swearing-in, orchestra performed Anthem of Russia, the presidential standard rose above the Senate Palace and Putin received the traditional 30-gun salute in his honor. Vladimir Putin delivered his 12-minute inaugural address of 1,246 words; this speech was the longest in history, the previous record was the inaugural speech of Boris Yeltsin in 1991, that speech consisted of 748 words. In his speech, Vladimir Putin thanked Russian citizens for the trust and support they had given him in the election. Putin spoke about the tasks that need to be solved, as they will determine the fate of Russia for decades to come. Putin called the priority tasks of the state, namely improving the quality of education and health care, as well as the protection of motherhood and childhood. In his speech, Putin told about plans for a new term, he promised to do everything to increase the strength and glory of Russia.
In the speech, Putin noted t
2018 Russia–United States summit
The 2018 Russia–United States summit was a summit meeting between United States President Donald Trump and Russian President Vladimir Putin on July 16, 2018, in Helsinki, Finland. The Finnish Ministry for Foreign Affairs titled the summit as the #HELSINKI2018 Meeting and it was hosted by the President of Finland Sauli Niinistö. During a post-summit joint press conference with Putin, Trump did not accept Russian interference in the 2016 U. S. elections. Trump's omissions provoked an uproar across the political spectrum, including from some of his usual allies. One day Trump amended part of his remarks, contending that he had misspoken due to an incorrectly perceived "double-negative". Helsinki served as the location for the signing of the Helsinki Accords in 1975, following a series of meetings intended to reduce tensions between the Western and Soviet blocs during the Cold War; the U. S. National Security Advisor John R. Bolton met with Russian President Vladimir Putin on June 27, 2018, to discuss the details of the summit and other bilateral issues.
On June 28, the location of the summit was announced by the White House and the Kremlin to be Helsinki. The summit was called the #HELSINKI2018 Meeting by the Finnish Ministry of Foreign Affairs and was hosted by the President of Finland Sauli Niinistö; the summit took place in the Presidential Palace and marked the first official meeting between the leaders after previous unofficial talks between Trump and Putin at the G20 Hamburg and APEC Vietnam summits held in 2017. Topics Trump announced to be discussed at the summit included the situations in Ukraine; the United States Secretary of State Mike Pompeo met his Russian and Finnish counterparts Sergey Lavrov and Timo Soini. Niinistö held bilateral meetings with both presidents on the day of the summit; that morning, Niinistö and Finnish First Lady Jenni Haukio welcomed Trump and U. S. First Lady Melania Trump at their main official residence in Mäntyniemi. During the presidents' meeting, the two women met for a joint breakfast; the #HELSINKI2018 meeting began at the Presidential Palace after midday with Niinistö welcoming Putin, followed by Trump.
The bilateral discussions between the Americans and Russian presidents took place in the Presidential Palace's Gothic Hall. Their meeting was followed by a working lunch including additional officials in the Hall of Mirrors. NATO Secretary-General Jens Stoltenberg and former Soviet leader Mikhail Gorbachev said they welcomed Trump's planned meeting with Vladimir Putin. On July 13, 2018, three days before the summit, Rod Rosenstein, the United States Deputy Attorney General, announced indictments of twelve Russian GRU officers for their efforts in the 2016 Democratic National Committee email leak, through the establishment of false identities as DCLeaks and Guccifer 2.0, as well as charges of money laundering using bitcoin. The timing of these indictments lead to closer scrutiny of the upcoming meeting and pressure for Trump to discuss election meddling with Putin. Bloomberg News reported the day after the summit that Trump permitted the indictments to be announced prior to the summit hoping it would strengthen his position in negotiations with Putin.
Two days before the scheduled meeting, a group of top Senate Democrats urged Trump to not meet with Putin one-on-one. Signers of a letter advising him not to meet alone with Putin included Minority Leader Charles Schumer, Minority Whip Dick Durbin, the top Democrats on the Senate Intelligence, Foreign Relations, Armed Services and Banking committees. During an interview on the eve of the summit with CBS News, Trump was asked who America's biggest foe is, he said Russia is "a foe in certain aspects" and called the European Union the biggest trade foe of the United States. Trump tweeted on the morning of the summit that the relationship between Russia and the U. S. has "never been worse". He blamed this on "foolishness and stupidity" on the part of the U. S. and referenced the ongoing Special Counsel investigation into Russian interference in the 2016 elections, calling it a "witchhunt". The Russian Ministry of Foreign Affairs retweeted Trump's message, adding "We agree". Trump indicated his inclination to accept Putin's denial of Russian interference, saying "President Putin says it's not Russia.
I don't see any reason why it would be." According to the Finnish Broadcasting Company Yle, more than 10 demonstrations were planned for the summit. On Sunday 15 July, about 2,500 protesters gathered for the "Helsinki Calling" pro-human rights demonstration at the Helsinki Senate Square; the youth section of the nationalist Finns Party staged a pro-Trump rally. The "Welcome Trump" event gathered a crowd of 50 people including Finns Party youth and Soldiers of Odin members. More demonstrations were planned for Monday 16 July, including the "Stop Putin" and "Helsinki against Trump and Putin" rallies and protests for women's rights and against Russophobia; the youth section of the conservative National Coalition Party said they would hold a demonstration against President Trump's trade policy and Russia's annexation of Crimea. Trump and Putin met for two hours, without aides or note-takers, accompanied only by their respective interpreters; the meeting lasted two hours. The private meeting was followed by a working lunch.
No agenda was published for their discussion, no communique was issued afterward. Some issues were touched on at the press conference. In the following days Russia issued multiple statements
President of Russia
The President of Russia the President of the Russian Federation, is the head of state of the Russian Federation, as well as holder of the highest office in Russia and commander-in-chief of the Russian Armed Forces. In 1991, the office was known as the President of the Russian Soviet Federative Socialist Republic until 25 December 1991. According to the 1978 Russian Constitution, the President of Russia was head of the executive branch and headed the Council of Ministers of Russia. According to the current 1993 Constitution of Russia, the President of Russia is not a part of the Government of Russia, which exercises executive power. In all cases where the President of the Russian Federation is unable to fulfill his duties, they shall be temporarily delegated to the Prime Minister of Russia, who becomes Acting President of Russia; the Chairman of the Federation Council is the third important position after the President and the Prime Minister. In the case of incapacity of both the President and Prime Minister, the chairman of the upper house of parliament becomes acting head of state.
The power includes execution of federal law, alongside the responsibility of appointing federal ministers, diplomatic and judicial officers, concluding treaties with foreign powers with the advice and consent of the State Duma and the Federation Council. The president is further empowered to grant federal pardons and reprieves, to convene and adjourn the Federal Assembly under extraordinary circumstances; the president directs the foreign and domestic policy of the Russian Federation. The president is elected directly through a popular vote to a six-year term; the law prohibits anyone from being elected to the presidency for a third consecutive term. In all, three individuals have served four presidencies spanning six full terms. In May 2012, Vladimir Putin became the fourth president. A candidate for office must be a citizen of the Russian Federation, at least 35 years old and has "permanently resided" in Russia for at least 10 years; the Constitution of Russia limits the election of one person to the Presidency to two consecutive terms.
Since the constitution contains no ruling on a total number of terms that a President may serve, a former president may seek re-election after sitting out one complete term. The election of the President is regulated by the Presidential Election Law and the Basic Guarantees of Electoral Rights; the Federation Council calls the presidential elections. If it does not call a presidential election, due, the Central Election Commission will call the presidential election; the Election Day is the second Sunday of the month and the presidential electoral constituency is the territory of the Russian Federation as a whole. Each faction in the State Duma, the lower house of the Russian parliament has the right to nominate a candidate for the presidential elections; the minimum number of signatures for a presidential candidate fielded by a political party with no parliamentary representation is 100,000, down from 2 million before amendments to the law. Terms were extended from four during Dmitry Medvedev's administration.
The President is elected in a two-round system every six years, with a two consecutive term limitation. If no candidate wins by an absolute majority in the first round, a second election round is held between two candidates with the most votes; the last presidential election was in 2018, the next is expected in 2024. Inauguration of the President of Russia is conducted six years after the previous inauguration. If the President was elected in early elections, he takes the oath, thirty days after the announcement of the results. Before executing the powers of the office, a president is constitutionally required to take the presidential oath:I swear in exercising the powers of the President of the Russian Federation to respect and safeguard the rights and freedoms of man and citizen, to observe and protect the Constitution of the Russian Federation, to protect the sovereignty and independence and integrity of the State, to faithfully serve the people. Vacancies in the office of President may arise under several possible circumstances: death and removal from office.
In all cases when the President is unable to perform his duties, his powers are temporarily transferred to the Prime Minister until the new President takes office. After the oath of office has been taken by the elected president, these following insignia are handed over to the president; these devices are used on special occasions. The first insignia, issued is the chain of office with an emblem; the central emblem is the red cross of the Order "For Merit to the Fatherland", with arms in equal size, charged with the Russian coat of arms. On the reverse of the cross, the words "Benefit and Glory" appear in the form of a circle. A golden wreath is used to connect the cross with the rest of the chain. There are 17 "links" in the emblem, with nine consisting of the Russian coat of arms; the other eight consist of a rosette bearing the motto "Benefit and Glory." At the inauguration of Vladimir Putin, the emblem was placed on a red pillow, positioned on the left side of the podium. According to the Presidential website, the emblem is placed inside the Kremlin and is used only on certain occasions.
The standard is a square version of the Russian flag, charged in the center with the Russian coat of arms. Golden fringe is added to the standard. Copies of the stan