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According to the Constitution, Putin could not enjoy a third term as President thus First Deputy Prime Minister Dmitry Medvedev was elected as Putin’s successor. The day after handing the presidency over to Medvedev, Putin was appointed Prime Minister of Russia. On 24th-25th July 2008, Putin accused the Mechel company of selling resources to Russia at a higher price than that it was charging to foreign countries. The attack on Mechel by the Prime Minister led to a sharp decline in its stock value and fueled the 2008 Russian financial crisis.

Putin accused the USA of provoking the 2008 South Ossetia war by arguing that US citizens had been present in the area of the conflict. Car owners and traders from Vladivostok and other areas protested in December 2008 against new duties and regulations on the import of foreign-made used cards, one of the slogans being “Putin, resign!” The tariff hike had been introduced by Putin in complete violation of Medvedev’s promises made at the G20 Summit in November 2008. The international led torch was focused on Putin’s actions.