▁to ▁join ▁the ▁administration ▁of ▁President ▁Bor is ▁Y el ts in , ▁serving ▁first ▁as ▁Director ▁of ▁the ▁Federal ▁Security ▁Service ▁( F SB ), ▁the ▁K GB ' s ▁successor ▁ag ency , ▁before ▁being ▁appointed ▁as ▁prime ▁minister ▁in ▁August ▁ 1 9 9 9 . ▁After ▁the ▁res ignation ▁of ▁Y el ts in , ▁Put in ▁was ▁elected ▁in ▁ 2 0 0 0 ▁to ▁succeed ▁him . ▁ ▁During ▁his ▁first ▁ten ure ▁as ▁president , ▁the ▁Russian ▁economy ▁grew ▁for ▁eight ▁straight ▁years , ▁with ▁G DP ▁measured ▁by ▁purch asing ▁power ▁increasing ▁by ▁ 7 2 %. ▁The ▁growth ▁was ▁a ▁result ▁of ▁the ▁ 2 0 0 0 s ▁comm od ities ▁bo om , ▁recovery ▁from ▁the ▁post - Comm un ist ▁de pression ▁and ▁financial ▁cr ises , ▁and ▁pr udent ▁economic ▁and ▁fis cal ▁policies . ▁After ▁serving ▁as ▁prime ▁minister ▁under ▁D mit ry ▁Med ved ev ▁from ▁ 2 0 0 8 ▁to ▁ 2 0 1 2 , ▁Put in ▁announced ▁he ▁would ▁seek ▁a ▁third ▁term ▁as ▁president ▁and ▁won ▁the ▁March ▁ 2 0 1 2 ▁election ▁with ▁ 6 4 % ▁of ▁the ▁vote . ▁Fall ing ▁oil ▁prices ▁couple d ▁with ▁international ▁san ctions ▁im posed ▁at ▁the ▁beginning ▁of ▁ 2 0 1 4 ▁after ▁Russia ' s ▁an nex ation ▁of ▁Crime a ▁and ▁military ▁inter vention ▁in ▁Eastern ▁Ukraine ▁led ▁to ▁G DP ▁shr inking ▁by ▁ 3 . 7 %