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For Vladimir Putin, the third time is not the charm. Putin's inauguration for his third term as Russia's president came as a disappointment for many Russian citizens. On May 7 Putin swapped places with Dmitri Medvedev, who will become Russia's prime minister.

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Moscow was eerily quiet as Putin made his way to the inauguration. Just a day earlier, 20,000 protestors flooded the streets to voice their dissatisfaction. According to The Economist Putin had it cleared out to ensure a smooth transition.

Putin first became president of Russia in 2000 and held on to the role for two terms. As required by law, he stepped down in 2008 and Medvedev took over as president. Some think Medvedev was just a "seat-warmer" until Putin could run again.

Putin's absence from next week's G8 summit in the US is already leading many to speculate that he is not going to do much to improve and diversify Russia.