Dmitry Medvedev was sworn in as Russia’s new president on Wednesday. The proceeding happened during a ceremony at the Kremlin's throne room and marks the beginning of a period of dual rule as Medvedev’s predecessor, Vladimir Putin, will soon become Russia’s Prime Minister.

During his installment speech, Medvedev spoke of increasing Russia’s economic development and more efforts for civil rights. The 42-year-old former St. Petersburg corporate lawyer and longtime aide of Putin received the gold chain of double-headed eagles symbolizing the presidency after taking the oath of office. Then he spoke of freedom and the rule of law.

"I believe my most important aims will be to protect civil and economic freedoms," Said Medvedev before nearly 2000 people who were attending the ceremony broadcasted live on the national television.

"We must fight for a true respect of the law and overcome legal nihilism, which seriously hampers modern development," Gazprom’s former CEO added.

Medvedev's first action as president will most likely be the nomination of Putin as the country’s new Prime Minister. Before being elected president, Medvedev had pledged to continue Putin’s policies.

However, despite taking over a booming economy based on high oil prices, Russia’s new president will also have to deal with challenges such as corruption, rising inflation, a falling population, weak industry and agriculture as well as the gradually more tense relations with the West.

Before the oath of office, Putin entered the Kremlin golden-hued Andreyevsky Hall alone. In  speech short speech, the former president thanked the people of Russia for trusting and supporting him during his eight years of rule.