Ending the ongoing speculations in Russia over the next presidential candidate from the ruling United Russia party, Russian Prime Minister Vladimir Putin on Saturday accepted President Dmitry Medvedev's proposal to stand for president in March 2012.

At the United Russia party's annual congress, Putin and Medvedev agreed to switch roles. Medvedev agreed that he would run for the Prime Minister's post in the upcoming parliamentary election.

I want to thank you for the positive reaction to the proposal for me to stand for Russian president, Putin said.

Putin has already served two presidential terms (2000-2004 and 2004-2008), and was barred from running for the third consecutive term before becoming the Prime Minister.

Taking into account the proposals to lead the party list, to carry out party work and in case of success at the elections, my willingness to engage in practical work in the government, I believe it would be right if the congress supported the candidacy of Vladimir Putin for the post of president of the country, Bloomberg quoted Medvedev as saying.

The United Russia party, headed by Putin, dominates the country's politics and both the President and the Prime Minister are from the same party.