In his statement, Mr. Putin said the decision was not connected with the government's performance, which he assessed as satisfactory. He said this decision was due to his desire to outline his position regarding the country's course of development after March 14.

"A timely formation of the government will prevent uncertainty in the federal executive branch, support the working capacity of the state apparatus, and it will help keep the speed of reforms, including the administrative reform," he stressed.

According to the Russian Constitution, the President should nominate a new prime minister within two weeks. Opinions differ on who will be named Russia's new premier. Finance Minister Alexey Kudrin, Defense Minister Sergey Ivanov and Viktor Khristenko are named as the most likely candidates for the post.