Vladimir Putin

Russia

Two years into the dual-power arrangement with President Dmitry Medvedev, Prime Minister Vladimir Putin overwhelmingly remains the most powerful and popular political figure in Russia. While Medvedev's relatively liberal political instincts contrast with Putin's generally hard-line views, there is little specter of a destabilizing conflict between the two leaders. As Russia's economic recovery gathers steam on robust oil prices and reviving domestic demand, longer-term issues relating to Russia's trajectory after the crisis will come into focus.

Putin can either propel or derail the liberal reform agenda that Medvedev has recently been putting forward. Putin also must begin laying the groundwork for whatever political outcome he desires in 2012, when Medvedev's term ends. Putin's views on both economic and political issues will be decisive, wielding a long-term impact on Russia's place in the global economic and geopolitical order. It's as important as ever to pay close attention to his statements and actions.