'President for life' Putin says will step down by 2024

Vladimir Putin has said that he does not intend to remain Russia's President "for life" and will step down no later than 2024 in line with the constitution, a report said.

Putin admitted that his stay in office beyond 2024 would be "detrimental for the country," reported News.com.au.

The 62-year-old has led Russia effectively since 2000. He stepped down after completing two four-year terms to abide by constitutional term limits but retained power as prime minister before being elected president again in 2012 for a six-year term.

Putin said that his decision to run for a fourth term in office in 2018 would depend on the "situation in the country" and his "own mood."

He also dubbed the western sanctions against Russian businesses and individuals over Ukrainian conflict as "an attempt to punish his friends" and said that they were driven by a desire to cause a split in the elite and then, in the society. He however, added that the Russian society remained consolidated behind him.