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Russian billionaire announces his bid for presidency

December 12, 2011

Mikhail Prokhorov, a Russian billionaire and the chairman of Russia's largest gold producer Polyus Gold, recently announced his plan to run for president in March's elections. Prokhorov was, until recently, affiliated with the Right Cause party, but was ejected from his party by the Kremlin, according to Reuters.

"I have made a decision," Prokhorov said during a news conference, according to Reuters. "I will run in the presidential election. The Kremlin kicked me and my supporters out of the Right Cause party... but it's not my principle to stop halfway."

Many believe that the new candidate, who is still working to obtain the 2 million signatures needed for his candidacy to become official, does not stand a chance against Prime Minister Vladimir Putin. Still others feel that Prokhorov is merely being used as a pawn by Putin's party to fuel the minister's bid for presidency, the news publication reports.

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