Vladimir Putin on Thursday stole the limelight from Dmitry Medvedev, his newly-inaugurated successor as Russian president, with a 45-minute speech at his parliamentary confirmation as prime minister that signalled he would keep a strong grip on power.

With Mr Medvedev watching from the sidelines, Mr Putin pledged to tackle inflation, cut oil taxes and modernise the economy. Analysts compared his performance to the state of the nation addresses he previously delivered as president.