VLADIMIR Putin has been sworn in for his fourth term as Russian president and promised to pursue an economic agenda that would boost living standards across the country.

In a ceremony in an ornate Kremlin hall, Putin said improving Russia’s economy following a recession partly linked to international sanctions would be a primary goal of his next six-year term.

“We must use all existing possibilities, first of all for resolving internal urgent tasks of development, for economic and technological breakthroughs, for raising competitiveness in those spheres that determine the future,” he said in his speech to thousands of guests standing in the elaborate Andreevsky Hall of the Grand Kremlin Palace and two adjacent halls.

Although Putin has restored Russia’s prominence on the world stage through military action, he has been criticised for inadequate efforts to diversify Russia’s economy away from its dependence on oil and gas exports.

Putin has nominated Dmitry Medvedev to serve again as prime minister. The lower house of parliament is to vote on whether to approve him on Tuesday.