A candidate must obtain more than 50 percent of the vote to win an outright victory. Otherwise, a run-off will be held between the top two front runners in the race.

First Deputy Prime Minister and presidential candidate Dmitry Medvedev smiles during a news conference at his election headquarters in Moscow March 3, 2008. (Xinhua/Reuters Photo)

Communist leader Gennady Zyuganov ranked second with 17.9 percent of vote; Liberal Democratic Party leader Vladimir Zhirinovsky won 9.5 percent of the vote and Democratic Party leader Andrei Bogdanov, 1.3 percent, CEC figures showed.

At a press conference held hours after the polling, Medvedev said he would continue Putin's set policies.

"As for the course that I would like to pursue, it is the path chosen eight years ago," Medvedev said at his election headquarters early Monday.